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AFM en DNB are consulting on the Regulation on Sound Remuneration Policies

The Dutch Authority for the Financial Markets (AFM)  and the Dutch Central Bank (DNB) are consulting on the Regulation on Sound Remuneration Policies (Regeling beheerst beloningsbeleid Wft 2021 - Rbb 2021). The new regulation by the AFM and DNB replaces DNB's Rbb 2017.

New prudential framework and remuneration standards for investment firms

The IFD must be transposed into national laws and regulations by 26 June 2021. The IFD and the Regulation on Prudential Requirements for Investment Firms (IFR) replace, for most investment firms, the prudential requirements established by the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD). The IFD also includes remuneration rules for these investment firms. The aforementioned remuneration rules have been partly incorporated in the Implementation Act for the Directive on Prudential Supervision of Investment Firms (Implementatiewet richtlijn prudentieel toezicht beleggingsondernemingen) and partly introduced in the (draft) Rbb 2021.

The IFD and regulation

Annex A of the Rbb 2021 contains the remuneration rules for banks and investment firms that fall or will continue to fall within the scope of the CRR. Annex B contains the remuneration rules for investment firms that fall within the scope of the IFD/IFR and Annex C contains the remuneration rules for premium pension institutions. Annex A contains some textual adjustments and corrections to better reflect the wording of the CRD. Further, the provision on state aid that was deleted in the revision of the Rbb 2017 and has been reinstated in Annex A. The reason for doing so is that, while part of this provision is implemented in the Wft, it also contains a few rules that are an addition to the Wft. Annex C has not been altered. The changes in the Rbb 2021 compared to the Rbb 2017 mainly concern the implementation of the IFD in Article 3 and the newly added Annex B. On this consultation page you will find the draft text including the draft explanatory notes for the Rbb 2021.

Responding to the consultation until and including 14th of May 2021

Interested parties are invited to respond to the proposed Rbb 2021. The consultation by the AFM and DNB is open up until and including 14th of May 2021. Should you wish to submit responses and ask questions in light of this consultation, please send an email consultatierbb@afm.nl and consultatie@dnb.nl. Please state your name, the article or section to which the response relates and, if desired, the organization you work for. The reactions to the regulation will be made public, including the name and/or organization of the inquirer, unless expressly requested otherwise, in which case they will be published in an anonymized manner.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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