126. Remuneration is fixed where the conditions for its award and its amount: a. are based on …

Remuneration is fixed where the conditions for its award and its amount:

a. are based on predetermined criteria;
b. are non-discretionary reflecting the level of professional experience and seniority of staff;
c. are transparent with respect to the individual amount awarded to the individual staff member;
d. are permanent, i.e. maintained over a period tied to the specific role and organisational responsibilities;
e. are non-revocable; the permanent amount is only changed via collective bargaining or following renegotiation in line with national criteria on wage setting;
f. cannot be reduced, suspended or cancelled by the investment firm;
g. do not provide incentives for risk assumption; and
h. do not depend on performance.

1. Overview

Summary	Regulation

Requirements
Source	Requirement

Standards
Source	Requirement