+9. The terms used and defined in Directive 2019/34/EU, Directive 2014/65/EU and Regulation (EU) No …

9. The terms used and defined in Directive 2019/34/EU, Directive 2014/65/EU and Regulation (EU) No …

The terms used and defined in Directive 2019/34/EU, Directive 2014/65/EU and Regulation (EU) No 2033/2019 have the same meaning in the guidelines. In addition, for the purposes of these guidelines, the following definitions apply:

Remunerationmeans all forms of fixed and variable remuneration and includes payments and benefits, monetary or non-monetary, awarded directly to staff by or on behalf of investment firms in exchange for professional services rendered by staff, carried interest payments within the meaning of Article 4(1)(d) of Directive 2011/61/EU4 , and other payments made via methods and vehicles which, if they were not considered as remuneration, would lead to a circumvention5 of the remuneration requirements of Directive (EU) 2019/2034. means payments or benefits for staff which comply with the
Fixed remunerationconditions for its award set out in section 7.
Variable remunerationmeans all remuneration that is not fixed. means ancillary components of remuneration that are obtainable for a wide population of staff or staff in specified functions based
Routine employment packageson predetermined selection criteria, including, for example, healthcare, child care facilities or proportionate regular pension contributions on top of the mandatory regime and travel allowance. means variable remuneration awarded on the condition that staff
Retention bonusstay in the investment firm for a predefined period of time. means all employees of an investment firm and its subsidiaries on a consolidated basis and all members of their respective
Staffmanagement bodies in its management function and in its supervisory function. means staff whose professional activities have a material impact on the investment firm’s individual or the group’s risk profile or of the assets that it manages in accordance with the criteria set out in Article 30(1) of Directive (EU) 2019/2034, the Commission Delegated Regulation adopted under the empowerment within
Identified staffthe last subparagraph of Article 30(4) of this Directive (RTS on identified staff) and, where appropriate to ensure a complete identification of staff whose professional activities have a material impact on the risk profile, additional criteria defined by the investment firm. means the application of the prudential rules set out in Article
Prudential consolidation25(4) of Directive (EU) 2019/2034 and Article 7 of Regulation (EU) 2019/2033.
Underrepresented gendermeans the less represented male or female gender. means the difference between the average gross hourly earnings
Gender pay gapof men and women expressed as a percentage of the average gross hourly earnings of men.
Union parent undertakingmeans a Union parent investment firm, Union parent investment holding company or Union parent mixed financial holding company that is required to abide by the prudential requirements on the basis of the consolidated situation in accordance with Article 7 of Regulation (EU) 2019/2033.
Consolidating institutionmeans the institution or investment firm which is required to abide by the prudential requirements on the basis of the consolidated situation in accordance with Part One, Title II, Chapter 2 of Regulation (EU) No 575/2013 and Article 109 of Directive 2013/36/EU or Article 7 of Regulation (EU) 2019/2033. Any reference to the term ‘consolidating institution’ includes the Union parent undertaking. means the maximum amount of variable remuneration which can
Bonus poolbe awarded in the award process set at the level of the investment firm or an investment firm’s business unit. means the period of time for which the performance is assessed
Accrual periodand measured for the purposes of determining an award of variable remuneration.
Non-revolving multi-year accrual periodmeans a multi-year accrual period that does not overlap with other multi-year accrual periods. means the granting of variable remuneration for a specific accrual
Awardperiod, independently of the actual point in time where the awarded amount is paid. means the effect by which the staff member becomes the legal owner of the variable remuneration awarded, independent of the
Vestinginstrument which is used for the payment or if the payment is subject to additional retention periods or clawback arrangements. means payments which are made immediately after the accrual
Upfront paymentsperiod and which are not deferred. means the period of time between the award and the vesting of
Deferral periodthe variable remuneration during which staff are not the legal owner of the remuneration awarded. means those financial instruments, other contracts or vehicles that
Instrumentsfall within one of the categories referred to in Article 32(1)(j) of Directive (EU) 2019/2034. means a period of time after the vesting of instruments which have
Retention periodbeen awarded as variable remuneration during which they cannot be sold or accessed. means an arrangement that permits the investment firm to reduce
Malusthe value of all or part of deferred variable remuneration based on ex post risk adjustments before it has vested. means an arrangement under which the staff member has to return ownership of an amount of variable remuneration paid in
Clawbackthe past or which has already vested to the investment firm under certain conditions. means those instruments whose value is based on the value of the
Share-linked instrumentsstock and that have the share value as a reference point, e.g. stock appreciation rights, types of synthetic shares. means a person who owns shares in an investment firm or,
Shareholdersdepending on the legal form of an investment firm, other owners or members of the investment firm. means payments relating to the early termination of a contract, i.e. in the case of temporary contracts a termination before the
Severance paymentsend date of the contract and in the case of indefinite contracts before the contractual or legal retirement, by an investment firm or its subsidiaries.

4 Directive 2011/61/EU …. of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulation (EC) No 1060/2009 and (EU) No 1095/2010 (AIFMD).

5 Regarding circumvention please refer to section 10.2 of these guidelines.

1. Overview

,
Summary Regulation

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements
Source Requirement

3. Related Standards

Standards
Source Requirement
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