Commission staff working document - Report on the application by Member States of the EU of the Commission 2009/384/EC Recommendation on remuneration policies in the financial services sector (2009 Recommendation on remuneration policies in the financial services sector) Accompanying document to the Report from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Report on the application by Member States of the EU of the Commission 2009/384/EC Recommendation on remuneration policies in the financial services sector (2009 Recommendation on remuneration policies in the financial services sector) {COM(2010) 286 final}
Date: 2010-05-26
Institutions: European Commission
Subjects: business management, corporate governance, economic recession, financial market, remuneration of work, report

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EN 

   EN 

 
COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 2.6.2010 
SEC(2010) 671 

COMMISSION STAFF WORKING DOCUMENT 

Report on the application by Member States of the EU of the Commission 2009/384/EC 
Recommendation on remuneration policies in the financial services sector (2009 
Recommendation on remuneration policies in the financial services sector) 

Accompanying document to the 

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE 
COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE 
COMMITTEE OF THE REGIONS 

Report on the application by Member States of the EU of the Commission 2009/384/EC 
Recommendation on remuneration policies in the financial services sector (2009 
Recommendation on remuneration policies in the financial services sector) 

{COM(2010) 286 final} 

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   EN 

 
 
  
 
 
 
 
 
 
 
This Commission staff working document reviews the implementation by Member States of 
the  Commission  2009/384/EC  Recommendation  on  remuneration  policies  in  the  financial 
services  sector.  It  supplements,  in  a  table  format,  the  Report  from  the  Commission  on  the 
implementation by Member States of the aforementioned Recommendation. 

The  Recommendation  on  remuneration  policies  in  the  financial  services  sector  invites 
Member States to adopt measures in four main areas: 

(i) 

Structure of remuneration policy  

in 

financial 

institutions.  The  overarching  principle  of 

To  remedy  the  absence  of  linkage  between  risk  and  remuneration  schemes,  the 
Commission  invited  Member  States  to  adopt  a  set  of  principles  on  the  structure  of  the 
remuneration  policy 
the 
recommendation was that remuneration policies should be consistent with sound and effective 
risk  management.  To  give  effect  to  this,  the  Commission  recommended  that  financial 
institutions  should  strike  an  appropriate  balance  between  fixed  and  variable  components  of 
remuneration  with  a  sufficiently  high  level  of  fixed  component  so  as  to  ensure  that  staff 
(which  has  a  material  impact  on  the  risk  profile  of  their  financial  institution)  do  not  rely 
exclusively  on  bonus  payments.  In  this  context  it  is  important  to  recall  that  bonuses  in  the 
banking  industry  typically  make  up  more  than  a  substantial  portion  of  an  employee's  pay, 
sometimes more than 75 percent of the total (as fixed salary can be relatively low).  

The Commission further indicated that the variable component of the remuneration should be 
linked  to  actual  performance  and  a  major  part  of  it  should  be  deferred  in  order  to  take  into 
account  the  risk  horizon  of  the  underlying  performance.  To  remedy  the  short-termism  of 
remuneration policies in place, the Commission recommended that variable payments should 
to  a  multi-year  performance  assessment  framework.  Performance 
also  be  subject 
measurement  criteria  chosen  should  privilege 
longer-term  performance  of  financial 
institutions, include non-financial criteria and be adjusted to the underlying performance for 
risk, cost of capital and liquidity. Finally, the  Commission also recommended a "clawback" 
mechanism to claim back unjustified variable remuneration' payments.  

(ii)  Governance 

The  current  economic  and  financial  crisis  has  exposed  significant  (corporate)  governance 
deficiencies  of  remuneration  policies'  decision-making  in  financial  institutions.  Effective 
governance  is  a  prerequisite  condition  for  putting  into  place  sound  remuneration  policy. 
(Supervisory) Boards of financial institutions, in consultation with shareholders and employee 
representatives where appropriate1, must take responsibility for establishing the remuneration 
policy  for  the  whole  financial  institution  and  monitoring  its  implementation,  as  it  is  boards 
that  will  ultimately  determine  and  validate  the  strategy  and  risk  profile  of  their  financial 
institutions. Ensuring that the (supervisory) board has overall responsibility for the design and 
operation of remuneration policy backed by expertise of human resources and internal control 
functions  increases  the  likelihood  of  having  remuneration  policies  consistent  with  effective 
risk  management.  In  this  regard,  the  role  of  human  resources  department  is  essential: 
remuneration  policy  in  the  financial  sector  must  not  be  decided  without  their  involvement. 

1  

It  should  be  noted  that  the  Recommendation  does  not  prejudice  in  any  way  the  autonomy  of  social 
partners in their collective bargaining. 

EN 

2 

   EN 

 
                                                 
Furthermore  and  fully  recognising  the  role  of  remuneration  committees  in  this  matter, 
Commission  recommended  that  its  members  should  have  relevant  expertise  and  thus  be 
capable  of  forming  an  independent  judgement  on  the  suitability  of  the  remuneration  policy, 
including the implications for risk and risk management. 

The financial crisis also exposed the lack of sufficient authority of staff members engaged in 
control  processes  as  compared  to  the  sales  and  trading  business.  In  some  banks,  the  lower 
prestige  and  status  of  risk  management/control  functions  staff  vis-à-vis  operational  units 
played  an  important  role  in  contributing  to  excessive  risk-taking.  This  imbalanced  situation 
between  business  units  and  the  control  functions  led  the  latter  to  be  unable  to  properly 
exercise  the  necessary  oversight  attached  to  their  functions2.  To  remedy  this  situation,  the 
Commission  recommended  that  control  functions  should  be  independent  from  the  business 
units  they  oversee,  have  appropriate  authority,  and  be  compensated  in  accordance  with  the 
achievement of the objectives linked to their functions, independent of the performance of the 
business areas they control. 

(iii)  Disclosure of remuneration policy  

The  Commission  considered  that  making  remuneration  policy  internally  transparent  and 
enhancing  the  scrutiny  role  of  shareholders  and  other  external  stakeholders  by  providing 
adequate disclosure requirements would further strengthen the objectivity of the remuneration 
policy's  decision-making  process.  As  a  consequence,  the  Commission  recommended  a  non-
exhaustive list of information items on remuneration policy to be externally disclosed.  

(iv) 

Supervision 

Commission  considered  necessary  to  recommend  a  supervisory  oversight  of  financial 
institutions'  remuneration  policies.  As  past  experience  showed  and  notwithstanding  the 
existence of remuneration policy principles/standards self-elaborated by the financial industry 
(such as the IIF principles), financial institutions are unlikely, mainly because of a first mover 
disadvantage, to effectively implement principles on sound remuneration policy. Furthermore, 
supervisors  have  at  their  disposal  a  wide  range  of  measure  in  order  to  make  financial 
institutions compliant with such principles. If the supervisors consider that the remuneration 
policies  conflict  with  sound  underwriting  practice,  adequate  risk  management  or  are 
systematically encouraging short-term risk-taking, they may require the institutions concerned 
to reassess their remuneration policies. If supervisors are not satisfied by the measures taken 
they  could  use  the  range  of  tools  which  are  available  to  them  (fines,  sanctions,  possibility 
capital add-on). 

The tables below indicate the extent to which Member States have followed the requirements 
of the Recommendation. 

2 

See  Senior  Supervisor  Group,  observations  on  risk  management  practices  during  the  recent  market 
turbulence, 2008. 

EN 

3 

   EN 

                                                 
Table 1 

Recommendation 1.1 

Scope 

Member States  should  ensure  that  the Recommendation applies  to all  financial  undertakings  which have  their 
registered office or their head office in their territory  

Member 
State 

 Endorsement of recommendation 

N. Rules referred by AT relate to application of CG code to listed companies and 
not prudential supervision. 

Y 

Y* 

Y 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N. CZ has similar rules for supervision in general but not related to remuneration 
policy in FS 

Reg. 

Y 

N* 

Supervisory Act. 

N*. Though EE has similar rules for supervision in general but not linked to this 
Rec 

N. Though EL has similar rules for supervision in general but not linked to this 
Rec 

Supervisory Act. 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N* 

N* 

Supervisory Act. 

Supervisory Act. 

Reg. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act. 
+ C 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

EN 

4 

   EN 

 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

Y 

Y 

Supervisory Act. 

Supervisory Act. 

N. Rules referred to by SI relate to company law in general  

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation, i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption  

EN 

5 

   EN 

 
 
Table 2 

Recommendation 1.2 

Scope 

Member States should ensure that the principles contained in the Recommendation apply to the remuneration of 
those categories of staff whose professional activities have a material impact on the risk profile of the financial 
undertaking. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

N. Rules referred to by AT relate to CG code and not to prudential supervision. 
They  would  only  apply  to  (supervisory)  board  members  and  executive 
management of listed companies in a different context 

Y. 

Y*. BG rules apply to all categories of staff with a special emphasis on senior 
employees and other risk takers 

Supervisory Act. 

Supervisory Act. 

Y.  CY  rules  apply  to  all  categories  of  staff  with  a  special  emphasis  on  senior 
employees and other risk takers 

Supervisory Act. 

N  

Y  

N* 

N* 

Supervisory Act. 

N. Though EL has some general rules for board members and senior executive 

Supervisory Act. 

Y* 

Y*. Rules apply to all staff 

Y 

Supervisory Act. 

Supervisory Act. 

Reg. 

Y.  Rules  apply  to  all  categories  of  staff  with  a  special  emphasis  on  senior 
employees and other risk takers 

Supervisory Act. 

N* 

Y. Rules apply to all categories of staff 

Y 

Y 

Y 

Y.  MT  rules  apply  to  all  categories  of  staff  with  a  special  emphasis  on  senior 
employees and other risk takers 

NL 

Y. Rules apply to all categories of staff 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act. 
+ C 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

EN 

6 

   EN 

 
 
 
 
 
PL 

PT 

RO 

SE 

SI 

SK 

UK 

N. Though PL has some general rules for board members and senior executive 

L 

N* 

Y. Rules apply to all categories of staff 

Y. Rules apply to all categories of staff 

Supervisory Act. 

Supervisory Act. 

N. Though SI has some general rules for board members and senior executive 

L 

N 

Y. Rules apply to all categories of staff 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

NA: no information available 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

7 

   EN 

 
 
 
Table 3 

Recommendations 1.3, 9 & 10. 

Scope 

When taking measures to ensure that financial undertakings implement those principles, Member States should 
take  into  account  the  nature,  the  size  as  well  as  the  specific  scope  of  activities  of  the  financial  undertakings 
concerned. 

Member 
State 

 Endorsement of recommendation 

Nature of the rule 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

N. Similar rule on proportionality of the supervision exists in AT but not 
related to rules on remuneration policy 

L 

Y 

Y* 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N. Similar rule on proportionality of the supervision exists in CZ but not 
related to rules on remuneration policy 

Reg. 

Y 

N* 

N* 

N 

Y* 

Y* (rule adopted before the EU Rec.) 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

N* 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act. 
+C 

EN 

8 

   EN 

 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

Y 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

9 

   EN 

 
 
 
Table 4 

Recommendation 1.4 

Scope 

Member  States  should  apply  the  principles  contained  in  the  Recommendation  to  financial  undertakings  on  an 
individual  basis  and  on  a  consolidated  basis.  Principles  on  sound  remuneration  policy  should  apply  at  group 
level to the parent undertaking and to its subsidiaries, including those established in offshore financial centres. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

N.  It  only  covers  listed  companies  and  not  from  a  prudential  oversight 
view. 

C 

Y 

Y* 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N.  Similar  rule  of  supervision  exists  but  not  related  to  rules  on 
remuneration policy 

Reg. 

Y 

N* 

N* 

Supervisory Act. 

N.  Similar  rule  of  supervision  exists  but  not  related  to  rules  on 
remuneration policy 

P. It does not include subsidiaries in third countries  

N*  Similar  rule  of  supervision  exists  but  not  related  to  rules  on 
remuneration policy 

Supervisory Act. 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

Reg. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act. 
+ C 

EN 

10 

   EN 

 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

N* 

Y 

Y 

N 

N 

Y  

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

11 

   EN 

 
 
 
 
Table 5 

Recommendation 1.5 

Scope 

This Recommendation does not apply to fees and commissions received by intermediaries and external service 
providers in case of outsourced activities. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

SE 

Y. AT referred to specific legislation on commission and fees. 

L 

Y 

Y* 

Y 

N 

Y 

N* 

N* 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

N* 

No. Ro also adopted rules on this issue. 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

EN 

12 

   EN 

 
 
 
 
 
 
 
SI 

SK 

UK 

N 

N 

Y 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

13 

   EN 

 
 
 
Table 6 

Recommendation 2.1 

Scope 

"Financial undertaking" means any undertaking, irrespective of its legal status, whether regulated or not, which 
performs any of the following activities on a professional basis : 

(a) It accepts deposits and other repayable funds; 

(b)  It  provides  investment  services  and/or  performs  investment  activities  within  the  meaning  of  Directive 
2004/39/EC; 

(c) It is involved in insurance or reinsurance business; 

(d) It performs business activities similar to those set out in points (a), (b) or (c). 

A  financial  undertaking  includes,  but  is  not  limited  to,  credit  institutions,  investment  firms,  insurance  and 
reinsurance undertakings, pension funds and collective investment schemes. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N.  AT  CG  rules  cover  only  listed  financial  undertaking  and  not  from  a 
prudential oversight 

Y 

P*. Only to credit institutions. 

P. Only credit institutions. 

P. Only apply to credit institutions (rules adopted before the Commission Rec.).  Reg. 

P. Rules apply to credit institutions , investment firms and the insurance sector 
(including 
insurance  holding 
companies, insurance special purpose entities and pension funds) 

reinsurance  undertakings, 

insurance  and 

Supervisory Act. 

N* 

N* 

N 

P*. Only credit institutions 

P*. Only Credit institutions, investment firms, UCITS (rules adopted before the 
Commission Rec.). 

Supervisory Act. 

Supervisory Act. 

Y. Regulation covers only credit institutions and investment firms. Professional 
guidelines cover all financial undertakings independent of the legal status. 

Reg + C 

Y 

N* 

P. Only credit institutions  

Y. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

EN 

14 

   EN 

 
 
 
 
 
LT 

LU 

MT 

NL 

PL 

PT 

RO 

SE 

SI 

SK 

UK 

Y 

P. (all financial institutions except insurance) 

P. Only credit institutions 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act. 
+ C 

N. Though there are some rules on executives and boards in company law 

L 

N* 

P. Only credit institutions. 

Y 

Supervisory Act. 

Supervisory Act. 

N. Though there are some rules on executives and boards in company law 

L 

N 

P.  Only  +/-  26  of  the  larger  banks,  building  societies  and  broker  dealers 
incorporated in the UK, both UK-owned and foreign owned. 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

15 

   EN 

 
 
 
Table 7 

Remuneration Policy 

General 

Do  national  measures  taken  contain  stricter  principles  or  requirements  than  those  of  the  Commission 
Recommendation on remuneration policy in the financial services sector? 

Do  national  measures  taken  contain  principles  or  requirements  that  are  not  included  in  the  Commission 
Recommendation on remuneration policy in the financial services sector?  

Member 
State 

Nature  of 
rule 

the 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

N 

N.  However  in  the  forthcoming  legislation  remuneration  committees  will  be 
made mandatory for listed companies 

Y. Stricter rules concern clawback in certain circumstances 

L 

L 

N 

N 

Y. Following implementation of the FSB standards 

Supervisory Act. 

N* 

N* 

N 

N 

N* 

Y. Following implementation of the FSB standards. 

Reg. and C 

N. 

N* 

Y. Stricter or additional measures concern: i) the more prominent shareholders’ 
meeting role; ii) the remuneration of control functions; iii) the adoption of the 
FSB Implementation Standards by the 6 significant financial institutions. 

L  +  Supervisory 
Act. 

Y. On bailed-out financial institutions  

Supervisory Act. 

N 

Y.  For  instance  external  auditor  is  asked  to  make  an  assessment  of  the 
conformity of the remuneration policy  

Supervisory Act. 

N 

Supervisory Act. 

Y. More stringent rules on CG derived from Codes and control functions 

Supervisory 

EN 

16 

   EN 

  
 
 
 
 
 
 
 
 
 
 
 
 
PL 

PT 

RO 

SE 

SI 

SK 

UK 

Act+ C 

Y. Rules mentioned deal with company law and corporate governance 

L 

N* 

Y.  Provisions  regarding  the  NBR  power  to  impose  restrictions  on  the 
distribution of profit in certain situations; provisions regarding the remuneration 
of  members  of  the  board  of  directors/  supervisory  board,  of  members  of  the 
bodies having management function and of the key executives 

Supervisory Act. 

Y. Following the FSB standards 

Supervisory Act. 

Y. Rules mentioned deal with company law and corporate governance  

L 

N 

Y.  Stricter  requirements  on  deferment,  vesting,  performance  adjustment 
(clawback) + guaranteed bonuses (following FSB standars). 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

17 

   EN 

 
 
 
Table 8 

Recommendation 3.1 

Remuneration policy  

General 

Financial undertakings establish, implement and maintain a remuneration policy which is consistent with and 
promotes sound and effective risk management and which does not induce excessive risk taking.  

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

P .There are rules on risk management but they are not linked to remuneration 
policy 

L 

Y 

Y* 

Y 

N 

Y 

N* 

N* 

P. Only cover executives of credit institutions 

Y 

P* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

N* 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg.+ C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory 
Act+ C 

EN 

18 

   EN 

 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

Y 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

19 

   EN 

 
 
 
Table 9 

Recommendation 3.2. 

Remuneration policy  

General 

Remuneration policy should be in line with the business strategy, objectives, values and long-term interests of 
the financial undertaking, such as sustainable growth prospects, and be consistent with the principles relating to 
the protection of clients and investors in the course of services provided. 

Member 
State 

 Endorsement of recommendation 

Nature of the rule 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

N.  Only  limited  to  board  members  and  executive  management  in  the 
context of CG and not from a prudential view. 

C 

Y 

Y* 

Y 

N 

Y 

N* 

N* 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

P.  Only  limited  to  executives  of  credit  institutions  and  avoiding  short 
term profits 

Supervisory Act. 

P*. For executive and board members 

C 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act+ 
C 

EN 

20 

   EN 

 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

N* 

Y 

Y 

Supervisory Act. 

Supervisory Act. 

P. Only limited to management and board members. 

L 

N 

P (indirectly) 

Supervisory Act. 

Evaluation criteria: Y: national measure taken. N: No national measure taken. P: Partial or incomplete national 
measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

21 

   EN 

 
 
 
Table 10 

Recommendation 4.1.  

Structure of remuneration policy 

Where remuneration includes a variable component or a bonus, remuneration policy should be structured with 
an  appropriate  balance  of  fixed  and  variable  remuneration  components.  The  appropriate  balance  of 
remuneration  components  may  vary  across  staff  members,  according  to  market  conditions  and  the  specific 
context in which the financial undertaking operates. Member States should ensure that remuneration policy of a 
financial undertaking sets a maximum limit on the variable component. 

Member 
State 

 Endorsement of recommendation 

Nature of the rule 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

N (only limited to board members and executive management in the context 
of CG and not from a prudential view) 

Y 

P* (no maximum limit on the variable component ) 

P (no maximum limit on the variable component but a reasonable proportion 
is required)  

N 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

P  (there  is  no  specific  ratio  of  fixed  and  variable  remuneration  but  an 
appropriate balance is required) 

Supervisory Act. 

N* 

N* 

N 

N* 

N* 

P (no maximum limit on the variable component) 

C 

HU 

P (no maximum limit on the variable component ) 

Supervisory Act. 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

N* 

P (no maximum limit on variable component) 

P (no maximum limit on the variable component) 

Supervisory Act. 

Supervisory Act. 

P (no maximum limit on the variable component for banks) 

Supervisory Act. 

Y 

Y 

Y 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act  + 
C 

EN 

22 

   EN 

 
 
 
 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

N* 

P (no maximum limit on the variable component)  

P (no maximum limit on the variable component) 

Supervisory Act. 

Supervisory Act. 

N 

N 

P (no maximum limit on the variable component) 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

23 

   EN 

 
 
 
 
Table 11 

Recommendation 4.2. 

Structure of remuneration policy 

The  fixed  component  of  the  remuneration  should  represent  a  sufficiently  high  proportion  of  the  total 
remuneration  allowing  the  financial  undertaking  to  operate  a  fully  flexible  bonus  policy.  In  particular,  the 
financial undertaking should be able to withhold bonuses entirely or partly when performance criteria are not 
met  by  the  individual  concerned,  the  business  unit  concerned  or  the  financial  undertaking.  The  financial 
undertaking should also be able to withhold bonuses where its situation deteriorates significantly, in particular 
where it can no longer be presumed that it can or will continue to be able to carry out its business as a going 
concern. 

Member 
State 

 Endorsement of recommendation 

Nature of the rule 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

N 

Y 

Y* 

Y 

N. 

Y 

N* 

N* 

N 

Y* 

N* 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

HU 

P (no mention that bonuses could be entirely withheld) 

Supervisory Act. 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act  + 
C 

EN 

24 

   EN 

 
 
 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

N* 

N 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

25 

   EN 

 
 
 
 
 
Table 12 

Recommendation 4.3. 

Structure of remuneration policy 

Where a significant bonus is awarded, the major part of the bonus should be deferred with a minimum deferment 

period. The amount of the deferred part of the bonus should be determined in relation to the total amount of the 
bonus as compared to the total amount of the remuneration. 

Member 
State 

 Endorsement of recommendation 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

P* (no minimum deferment period) 

P (no minimum deferment period) 

N. 

Y 

N* 

N* 

N 

Y* 

N* 

Y 

HU 

P (no minimum deferment period) 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

N* 

P (no minimum deferment period for banks except for 6 significant FI) 

Supervisory Act. 

P (no minimum deferment period) 

P (not for insurance companies) 

Y 

P (no minimum deferment period) 

Y 

N 

N* 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

EN 

26 

   EN 

 
 
 
 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

P (no minimum deferment period) 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

27 

   EN 

 
 
 
Table 13 

Recommendation 4.4. 

Structure of remuneration policy 

The  deferred  element  of  the  bonus  should  take  into  account  the  outstanding  risks  associated  with  the 
performance to which the bonus relates and may consist of equity, options, cash, or other funds the payment of 
which is postponed for the duration of the deferment period. The measures of future performance to which the 
deferred element is linked should be risk adjusted as set out in point 5. 

Member 
State 

 Endorsement of recommendation 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N. 

Y 

N* 

N* 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

P (not for insurance companies) 

Y 

Y 

Y 

N 

N* 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

EN 

28 

   EN 

 
 
 
 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

Y 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

29 

   EN 

 
 
 
Table 14 

Recommendation 4.5. 

Structure of remuneration policy 

Payments  related  to  the  early  termination  of  a  contract  which  are  awarded on a  contractual  basis,  should be 
related to performance achieved over time and designed in a way that does not reward failure. 

Member 
State 

 Endorsement of recommendation 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y  

N* 

N* 

N 

Y* 

N* 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act 

P (national measures apply only to directors and managers of listed companies) 

L +C 

Y 

N* 

Y 

Y 

P (not for insurance companies) 

Y 

N (no specific rules on severance pay) 

Y 

N 

N* 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

EN 

30 

   EN 

 
 
 
 
 
 
 
 
 
 
 
SE 

SI 

SK 

UK 

Y 

Supervisory Act. 

P  (provisions only  cover  executive  directors  and  members  of  the  management 
board.  It  is  not  clear  whether  specific  cases  where  severance  pay  may  not  be 
paid include failure to meet long-term performance criteria) 

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

31 

   EN 

 
 
Table 15 

Recommendation 4.6. 

Structure of remuneration policy 

Member States should ensure that the (supervisory) board of a financial undertaking can require staff members 
to repay all or part of bonuses that have been awarded for performance based on data which has subsequently 
proven to be manifestly misstated. 

Member 
State 

 Endorsement of recommendation 

Nature of the rule 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision. 

Y 

P* (for fraudulent activities only) 

P (for fraudulent activities only) 

N 

Y 

N* 

N* 

N 

Y* 

N* 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

L  +  Supervisory 
Act. 

Supervisory Act. 

HU 

P (only for fraude) 

Supervisory Act. 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

N* 

P (only for 6 significant FI) 

Supervisory Act. 

N 

P (not for credit institutions) 

Y 

Y 

Y 

N 

N* 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act  + 
C 

EN 

32 

   EN 

 
 
 
 
 
 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

N 

N 

P (only applies to members of management board or executive directors) 

L 

N 

N 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

33 

   EN 

 
 
 
 
 
Table 16 

Recommendation 4.7. 

Structure of remuneration policy 

The  structure  of  the  remuneration  policy  should  be  updated  over  time  to  ensure  that  it  evolves  to  meet  the 
changing situation of the financial undertaking concerned. 

Member 
State 

 Endorsement of recommendation 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

N* 

Y 

P 

Y 

N* 

N* 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

N 

Y 

N 

N* 

N 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

EN 

34 

   EN 

 
 
 
 
 
 
 
 
 
 
 
SE 

SI 

SK 

UK 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

35 

   EN 

 
 
 
Table 17 

Recommendation 5.1. 

Performance measurement 

Where  remuneration  is  performance  related,  its  total  amount  should  be  based  on  a  combination  of  the 
assessment of the performance of the individual and of the business unit concerned and of the overall results of 
the financial undertaking. 

Member 
State 

 Endorsement of recommendation 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y 

N* 

N 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

N* 

Y 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

Supervisory Act 

EN 

36 

   EN 

 
 
 
 
 
 
 
 
 
SE 

SI 

SK 

UK 

Y 

Supervisory Act. 

P (only applies to members of management board and executive directors) 

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation  

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

37 

   EN 

 
 
Table 18 

Recommendation 5.2. 

Performance measurement 

The assessment of performance should be set in a multi-year framework in order to ensure that the assessment 
process is based on longer term performance and that the actual payment of bonuses is spread over the business 
cycle of the company. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Supervisory Act. 

P* (no specific multi-year framework provided for performance measurement) 

Supervisory Act. 

P (no specific multi-year framework provided for performance measurement) 

Supervisory Act. 

N 

Y 

N* 

N 

N 

Y* 

N* 

Y 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

P (no specific multi-year framework provided for performance measurement) 

Supervisory Act. 

N* 

Y 

Y  (however,  there  is  an  exemption  for  contracts  which  are  shorter  than  the 
period for performance measurement) 

Supervisory Act. 

Supervisory Act. 

P (no specific multi-year framework provided for performance measurement) 

Supervisory Act. 

Y 

Supervisory Act. 

P (no specific multi-year framework provided for performance measurement) 

Supervisory Act. 

Y 

N 

N* 

Supervisory  Act 
+ C 

EN 

38 

   EN 

 
 
 
 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

N 

Y 

Supervisory Act. 

P (no multi-year framework provided for performance measurement) 

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption  

EN 

39 

   EN 

 
 
 
Table 19 

Recommendation 5.3. 

Performance measurement 

The measurement of performance, as a basis for bonus or bonus pools, should include an adjustment for current 
and  future  risks  related  to  the  underlying  performance  and  should  take  into  account  the  cost  of  the  capital 
employed and the liquidity required. 

Member 
State 

 Endorsement of recommendation 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y 

N 

N 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

P (not for insurance companies) 

Y 

Y 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

P (no specific reference to cost of capital and liquidity) 

Supervisory Act.  

N 

N* 

Y 

Supervisory Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

EN 

40 

   EN 

 
 
 
 
 
 
 
 
 
SE 

SI 

SK 

UK 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

41 

   EN 

 
 
 
Table 20 

Recommendation 5.4. 

Performance measurement 

When  determining  individual  performance,  non-financial  criteria,  such  as  compliance  with  internal  rules  and 
procedures,  as  well  as  compliance  with  the  standards  governing  the  relationship  with  clients  and  investors 
should be taken into account. 

Member 
State 

 Endorsement of recommendation 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y 

N* 

N 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

N* 

Y 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

Supervisory Act. 

EN 

42 

   EN 

 
 
 
 
 
 
 
 
 
SE 

SI 

SK 

UK 

Y 

N 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

43 

   EN 

 
 
 
Table 21 

Recommendation 6.1. 

Governance 

The remuneration policy should include measures to avoid conflicts of interest. The procedures for determining 
remuneration  within  the  financial  undertaking  should  be  clear  and  documented  and  should  be  internally 
transparent. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

P  (general  policy  on  conflicts  of  interest  applicable  to  credit  institutions  and 
investment firms only) 

Reg. 

Y 

N* 

N 

N 

N 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

P (no specific rules on conflicts of interest) 

P (no specific rules on conflicts of interest) 

N 

N* 

Y 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

EN 

44 

   EN 

 
 
 
 
 
 
 
 
 
SE 

SI 

SK 

UK 

Y 

Supervisory Act. 

P (applies only to members of management board and executive directors) 

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

45 

   EN 

 
 
Table 22 

Recommendation 6.2. 

Governance 

The  (supervisory)  board  should  determine  the  remuneration  of  directors.  In  addition,  the  (supervisory)  board 
should  establish  the  general  principles  of  the  remuneration  policy  of  the  financial  undertaking  and  be 
responsible for its implementation. 

Member 
State 

 Endorsement of recommendation 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

P (no determination by the board of directors' remuneration) 

Y* 

Y 

P (applies only for board members and internal audit) 

Y  

N* 

N 

Y 

Y* 

N* 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Reg. 

C + L 

L 

Supervisory Act. 

P (determination by the board of directors' remuneration only for firms having 
received public assistance) 

Reg. + C 

Y 

N* 

Y 

Y 

Y 

Y 

P (no determination by the board of directors' remuneration) 

Y 

N 

N* 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ C 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

EN 

46 

   EN 

 
 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

Y 

Y 

Y 

N 

Y 

Supervisory  Act 
+ L 

Supervisory Act. 

L 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

47 

   EN 

 
 
Table 23 

Recommendation 6.3. 

Governance 

Control  functions  and,  where  appropriate,  human  resources  departments  and  external  experts  should  also  be 
involved in the design of the remuneration policy. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y for credit institutions; N for insurance undertakings 

Supervisory Act. 

N* 

N 

N 

Y* 

N* 

Y 

Y 

N* 

Y 

Y 

P (not for banks and insurance companies) 

Y 

Y 

Y 

N 

N* 

N 

Y 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

SE 

EN 

48 

   EN 

 
 
 
 
 
 
 
 
 
 
SI 

SK 

UK 

N 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

49 

   EN 

 
 
 
Table 24 

Recommendation 6.4. 

Governance 

Members  of  the  (supervisory)  board  responsible  for  remuneration  policy  and  members  of  the  remuneration 
committees  and  staff  members  who  are  involved  in  the  design  and  implementation  of  the  remuneration  policy 
should  have  relevant  expertise  and  functional  independence  from  the  business  units  they  control  and  thus  be 
capable  of  forming  an  independent  judgement  on  the  suitability  of  the  remuneration  policy,  including  the 
implications for risk and risk management. 

Member 
State 

 Endorsement of recommendation 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

P* (functional independence of remuneration committee) 

P  (general  provisions  on  qualifications  of  board  members  but  no  specific 
provisions with regard to remuneration) 

N 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

P  (general  provisions  on  qualifications  and  independence  of  the  supervisory 
board  in  listed  companies  and  independence  of  control  functions  in  but  no 
specific provisions with regard to remuneration) 

Supervisory Act. 

N* 

N 

N 

P  (provisions  on  independence  and  expertise  of  members  of  remuneration 
committee  in listed companies)  

C 

N* 

Y 

N 

N* 

Reg. + C 

P (general provisions on expertise and independence of remuneration committee 
members) 

L  +  Supervisory 
Act 

Y 

P (not for banks and insurance companies) 

Y 

N 

Y 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

EN 

50 

   EN 

 
 
 
 
 
 
 
 
 
PL 

PT 

RO 

SE 

SI 

SK 

UK 

N 

N* 

N 

Y 

N 

N 

Y 

+C 

Supervisory Act. 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

51 

   EN 

 
 
 
 
 
 
Table 25 

Recommendation 6.5. 

Governance 

Without  prejudice  to  the  overall  responsibility  of  the  (supervisory)  board  as  set  out  in  point  6.2,  the 
implementation  of  the  remuneration  policy  should,  at  least  on  an  annual  basis,  be  subject  to  central  and 
independent  internal  review  by  control  functions  for  compliance  with  policies  and  procedures  defined  by  the 
(supervisory)  board.  The  control  functions  should  report  on  the  outcome  of  this  review  to  the  (supervisory) 
board. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

P  (no  specific  provision  for  remuneration  policy,  only  general  rules  on 
governance arrangement apply) 

Reg. 

Y 

N* 

N 

N 

N 

N* 

Y 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

N* 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

EN 

52 

   EN 

 
 
 
 
 
 
 
 
 
RO 

SE 

SI 

SK 

UK 

Y 

Y 

Supervisory Act. 

Supervisory Act. 

P (no specific provision for remuneration policy, only general rules on review 
by the internal auditor of the operations apply) 

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption  

EN 

53 

   EN 

 
 
Table 26 

Recommendation 6.6. 

Governance 

Staff members engaged in control processes should be independent from the business units they oversee, have 
appropriate authority, and be compensated in accordance with the achievement of the objectives linked to their 
functions,  independent  of  the  performance  of  the  business  areas  they  control.  In  particular,  with  regard  to 
insurance  or  reinsurance  undertakings,  the  actuarial  function  and  the  responsible  actuary  should  be 
remunerated in a manner commensurate with her or his role in the insurance or reinsurance undertaking and 
not in relation to the performance of the undertaking concerned. 

Member 
State 

 Endorsement of recommendation 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

AT 

BE 

BG 

CY 

CZ 

DE 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Y  for  credit  institutions,  P  for  the  insurance  sector  (no  explicit  provisions  in 
national measures that remuneration of control staff should be independent from 
the remuneration criteria of operational units) 

Supervisory Act. 

DK 

N* 

EE 

EL 

ES 

FI 

FR 

N 

N 

Y 

N* 

Y  

Supervisory Act. 

Reg. + C 

HU 

P (no specific provisions on compensation for control functions) 

Supervisory Act. 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

N* 

Y 

Y 

P (not specific enough for insurance companies) 

Y 

Y 

Y 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

EN 

54 

   EN 

 
 
 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

N*  

Y 

Y 

Supervisory Act. 

Supervisory Act. 

P (no specific provisions on compensation for control functions) 

L 

N 

Y 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

55 

   EN 

 
 
 
Table 27 

Recommendation 7. 

Disclosure 

Without  prejudice  to  confidentiality  and  data  protection  provisions,  relevant  information  on  the  remuneration 
policy referred to in section II and any updates in case of policy changes should be disclosed by the financial 
undertaking  in  a  clear  and  easily  understandable  way  to  relevant  stakeholders.  Such  disclosure  may  take  the 
form of an independent remuneration policy statement, a periodic disclosure in annual financial statements or 
any other form. 

Member 
State 

 Endorsement of recommendation 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y 

N* 

N* 

N 

N* 

N* 

Y 

Y 

N* 

Y 

Y 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory  Act 
+Reg. 

Supervisory Act. 

Supervisory Act. 

Reg. + C 

Supervisory Act. 

Supervisory  Act 
+ L 

Supervisory Act. 

P (no specific provisions for insurance companies for the time being) 

Supervisory Act. 

Y 

Y 

Y 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ L 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

EN 

56 

   EN 

 
 
 
 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

P* (only members of management and supervisory board) 

L. 

Y  

Y 

P (only members of management and supervisory board) 

N 

Y* 

Supervisory Act. 

Supervisory Act. 

L 

L 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

57 

   EN 

 
 
Table 28 

Recommendation 8. 

Disclosure 

8. The following information should be disclosed:  

(a) information concerning the decision-making process used for determining the remuneration policy, including 
if applicable, information about the composition and the mandate of a remuneration committee, the name of the 
external consultant whose services have been used for the determination of the remuneration policy and the role 
of the relevant stakeholders; (b) information on linkage between pay and performance; (c) information on the 
criteria used for performance measurement and the risk adjustment; (d) information on the performance criteria 
on  which  the  entitlement  to  shares,  options  or  variable  components  of  remuneration  is  based;  (e)  the  main 
parameters and rationale for any annual bonus scheme and any other non-cash benefits.  

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

P* (not all information is required) 

P (only a general provision on disclosure of remuneration policies, no detailed 
content) 

N 

Y (for the insurance sector, the annual remuneration report shall contain details 
of    the  remuneration  policy  and  the  remuneration  structures,  including  the 
proportion accounted for by variable remuneration, however, no further detailed 
disclosure content foreseen) 

Supervisory Act. 

N* 

N* 

N 

N* 

N* 

Y 

N 

N* 

Y 

Y 

P  (partially  for  banks  and  no  provisions  for  insurance  companies  for  the  time 
being ) 

Reg. + C 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

Y 

EN 

58 

   EN 

 
 
 
 
 
 
 
 
 
MT 

NL 

PL 

PT 

RO 

SE 

SI 

SK 

UK 

P (only for listed companies and with regard to directors) 

C 

P (not all information is required) 

Supervisory Act. 

N 

P* (not all information is required) 

P (not all information is required) 

Y 

P (not all information is required) 

N 

Y* 

Reg. 

Supervisory Act. 

Supervisory Act. 

L 

L 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

59 

   EN 

 
 
 
Table 29 

Recommendation 11. 

Supervision 

Member  States  should  ensure  that  financial  undertakings  are  in  a  position  to  communicate  the  remuneration 
policy  covered  by  this  Recommendation  to  their  competent  authorities,  including  an  indication  of  compliance 
with  the  principles  set  out  in  this  Recommendation,  in  the  form  of  a  remuneration  policy  statement  subject  to 
appropriate updates. 

Member 
State 

 Endorsement of recommendation 

AT 

BE 

BG 

CY 

CZ 

DE 

N.  Rules  referred  by  AT  relate  to  application  of  CG  code  to  listed  companies 
and not prudential supervision. 

Y 

Y* 

Y 

N 

Y 

DK 

N* 

Nature  of 
rule 

the 

Supervisory Act. 

Supervisory Act. 

Supervisory Act. 

L  +  Supervisory 
Act. 

L 

Reg. 

Supervisory Act. 

L  +  Supervisory 
Act 

L 

Y 

N 

N 

N 

Y 

Y 

N* 

Y 

Y 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

P (no specific rules for insurance companies for the time being) 

Supervisory Act. 

Y 

Y 

Y 

N 

Supervisory Act. 

Supervisory Act. 

Supervisory  Act 
+ L 

EN 

60 

   EN 

 
 
 
 
 
 
 
 
PT 

RO 

SE 

SI 

SK 

UK 

N* 

Y 

Y 

N 

N 

Y 

Supervisory Act. 

L 

Supervisory Act. 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that legislative proposals/drafts are under preparation or in the course of adoption 

EN 

61 

   EN 

 
 
 
 
Table 30 

Recommendation 12. 

Supervision 

Member  States  should  ensure  that  competent  authorities  may  request  and  have  access  to  all  information  they 
need to evaluate the extent to which the principles contained in sections II and III are followed. 

Member 
State 

 Endorsement of recommendation 

Nature  of 
rule 

the 

AT 

BE 

BG 

CY 

CZ 

DE 

DK 

EE 

EL 

ES 

FI 

FR 

HU 

IE 

IT 

LV 

LT 

LU 

MT 

NL 

PL 

PT 

RO 

SE 

Y (general rules on supervisory powers) 

Y 

Y 

Y 

N 

Y 

N* 

Y 

Y 

Y 

Y 

Y 

N 

N* 

Y 

Y 

Y 

Y 

Y 

Y 

N 

Y 

Y 

Y 

L 

L 

L 

Supervisory Act. 

L 

L 

L 

L 

L 

L 

L 

L 

L  +  Supervisory 
Act 

L 

Supervisory Act. 

L 

L 

L 

L 

EN 

62 

   EN 

 
 
 
 
 
SI 

SK 

UK 

Y 

N 

Y 

L 

L 

Evaluation  criteria:  Y:  Yes  national  measure  taken.  N:  No  national  measure  taken.  P:  Partial  or  incomplete 
national measure taken.  

C: "comply or explain" code at national level or sectoral industry/business code. 

L: mandatory legislative provision 

Reg: Regulation i.e. secondary legislation 

Rec: Recommendation 

Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 

NA: no information available 

* Member State indicated that proposals/drafts are under preparation 

EN 

63 

   EN