FSA is consulting on implementing the remuneration disclosure requirements of CRD3. It is consulting on:
- items that firms must disclose including information on the remuneration decision process, the design of the remuneration system and performance criteria for assessing remuneration as well as aggregate quantitative information on total remuneration;
- frequency of disclosure (at least annually);
- form of disclosure, which can be as a stand-alone report or as part of the firm's annual report and accounts; and
- proportionality: FSA intends to use its discretion to apply the rules proportionately by dividing firms into four tiers. The top tier of the most significant groups will have to observe the highest standards of disclosure, while the fourth tier (of over 2,000 firms with limited licences or permissions) need disclose only basic information.
In principle, FSA would like to apply the requirements also to UK branches of non-EEA firms. Because of the CRD3 implementation period, consultation closes on 8 December and FSA plans to publish a policy statement in mid-December.