8.3 Dividends and interest payments

140. ‘Carried interest’ payments within the meaning of Ar ticle 4(1)(d) of the AIFMD are subject to the remuneration provisions of the AIFMD; paragraph 2 of Annex II of the AIFMD specifically includes carried interest in the definition of remuneration³³ . The ESMA guidelines on sound remuneration policies under the AIFMD apply³⁴ . For the purposes of these EBA guidelines and in particular of calculating the ratio between the variable and fixed components of remuneration for staff identified under section 13 of these guidelines, the following should apply:

• a. all payments made by the alternative investment funds to these staff members through carried interest vehicles which are not representing a pro-rata return on the investment made by these staff members should be considered as variable remuneration and be valued at the time of their award;
• b. all payments made by the alternative investment funds to these staff members through carried interest vehicles which represent a pro-rata return on any investment by these staff members (through the carried interest vehicle) to the alternative investment fund should not be included in the calculation.

141.Dividends paid on vested shares or equivalent ownership interests that staff received as part of their remuneration or other shares held by staff as shareholders or owners of an institution are not part of remuneration for the purpose of these guidelines. The same applies to interest paid to staff on other vested instruments or investments. 142.Dividend and interest payments must not be used as a payment method for variable remuneration which would lead to a circumvention of the remuneration requirements established by the CRD.

³³ Annex II, paragraph 2 of the AIFMD states that ‘ The principles set out in paragraph 1 shall apply to remuneration of any type paid by the AIFM, to any amount paid directly by the AIF itself, including carried interest, and to any transfer of units or shares of the AIF, made to the benefits of those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on their risk profile or the risk profiles of the AIF that they manage ’ (emphasis added).

³⁴ ESMA/2013/232, available at: http://www.esma.europa.eu/system/files/2013-232_aifmd_guidelines_on_remuneration_-_en.pdf. On the specific treatment of carried interest under the AIFMD, see, in particular, paragraphs 10, 13 and 16 and 159 of the ESMA guidelines.

1. Ülevaade

1.1 Viited

1.2 Tuvastatud nõuded

1.3 Seotud standardid

2. Tuvastatud nõuded

3. Seotud standardid

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/