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CySEC's Circular C576 & The Implementation of EBA's Guidelines

Following the issuance of Circular C576 and the implementation of EBA's Guidelines on benchmarking exercises on remuneration practices and gender pay gap and Guidelines on data collection exercises regarding high earners , all CIFs with an initial capital requirement of €150,000.00 and €750,000.00 should note the following deadlines:


Deadline: 31 August 2023

  • Information on remuneration of all staff as set out in Annex I of the Guidelines

  • Additional information on remuneration for all identified staff as per Annex II and III of the Guidelines

  • Information on derogations as specified in Annex IV of the Guidelines


Deadline: 31 August 2023

  • High-earners data for the financial year ending 2022 should be submitted to CySEC by CIFs


Deadline: Commencing 2024, every three years by 15 June: CIFs should submit the following to CySEC:

  • Information on remuneration of all staff as set out in Annex I of the Guidelines

  • Additional information on remuneration for all identified staff as per Annex II and III of the Guidelines

  • Information on derogations as specified in Annex IV of the Guidelines

  • CIFs should submit to CySEC the information stipulated in Annex V of the Guidelines regarding the financial year 2023

  • CIFS should submit data to CySEC regarding high earners (staff members earning over EUR 1 million in remuneration in the reported financial year)

  • Note: the report should be done at a consolidation level; in the instance of stand-alone investment firms, high-earners data should be reported on an individual basis

*Note the above data must be submitted via CySEC's Xbrl Portal which will be updated accordingly on 30 June 2023*

CySEC's Circular C576 & The Implementation of EBA's Guidelines

CIFs are expected to consider both of the above Guidelines in full and take the necessary actions in order to ensure their compliance.


 

For further clarification or assistance with matters relating to the content of this article, please contact us for assistance and information.

 

By Andie Henderson, Legal & Compliance Associate, Financial Associates International (FAI Comply)



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