April 2019: EU Parliament adopts CRD V / CRR II & IFD / IFR reforms

The Capital Requirements Directive V (CRD V) / Capital Requirements Regulation II (CRR II) and the Investment Firms Directive (IFD) / Investment Firms Regulation (IFR) developments were adopted by the European Parliament at its first reading yesterday (16 April 2019). The developments will significantly impact the prudential regulation of credit institutions and investment firms, including with regard to remuneration. We will shortly issue an alert for each legislative package which considers the impact on remuneration in more detail. 

The adopted texts can be accessed using the following links:

Timing 
Following the date of entry into force, CRD V and IFD will be implemented into local law by EU member states within, and the IFR will apply directly (without local implementation) from 18 months following the entry into force of the relevant legislation. The CRR II remuneration disclosure provisions will apply directly (without local implementation) from 24 months following the entry into force. The date of entry into force for each piece of legislation is currently unknown. 

Tapestry has significant experience advising financial services firms on their remuneration compliance, particularly in relation to remuneration regulations. If you would like to discuss your remuneration compliance with us, please do contact us.

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