{"id":"circulars/cssf-23-837","title":"Circular CSSF 23/837","type":"circular","date":"2023-05-25","kind":"circular","html":"

Circular CSSF 23/837 is a CSSF circular, published 25 May 2023 and updated 26 May 2023. Subject: Application of the Guidelines of the European Banking Authority (“EBA”) on the data collection exercises regarding high earners under Directive 2013/36/EU and under Directive (EU) 2019/2034 (EBA/GL/2022/08).

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Relevant for: Credit institutions, Investment firms.

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Keywords: Remuneration.

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Text

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the

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Guidelines of the European Banking data

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Authority

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collection

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regarding

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the

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exercises

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high

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earners

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under Directive 2013/36/EU and

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under

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Directive

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(EU)

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2019/2034 (EBA/GL/2022/08)

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Circular CSSF 23/837 Re: Application of the Guidelines of the European Banking Authority (“EBA”) on the data collection exercises regarding high earners under Directive 2013/36/EU and under Directive (EU) 2019/2034 (EBA/GL/2022/08)

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Ladies and Gentlemen,

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Luxembourg, 25 May 2023

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The purpose of this circular is to inform you that the CSSF, in its capacity as To all credit institutions, as

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competent authority, applies the EBA Guidelines on the data collection exercises

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defined in point (12) of

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regarding high earners under Directive 2013/36/EU and under Directive (EU)

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Article 1 of the amended Law

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2019/2034 (EBA/GL/2022/08) (the “Guidelines”), published on 30 June 2022.

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of 5 April 1993 on the

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Consequently, the CSSF has integrated the Guidelines into its administrative

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financial sector (“LFS”), all

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practice and regulatory approach with a view to promoting supervisory

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CRR investment firms, as

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convergence in this field at European level.

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defined in point (9a) of

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All credit institutions, as defined in point (12) of Article 1 of the amended Law

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Article 1 of the LFS, and all

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of 5 April 1993 on the financial sector (“LFS”), all CRR investment firms, as

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non-SNI IFR investment

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defined in point (9a) of Article 1 of the LFS, and all non-SNI IFR investment

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firms, as defined in point

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firms, as defined in point (9a-2) of Article 1 of the LFS (hereafter collectively

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(9a-2) of Article 1 of the LFS

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referred to as “relevant institutions”) shall duly comply with the Guidelines.

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The Guidelines The Guidelines are issued by the EBA in accordance with Article 75(3) of the amended Directive 2013/36/EU 1 and Article 34(4) of Directive 2019/2034 2. The Guidelines apply as from 31 December 2022. The Guidelines specify the information to be provided annually by relevant institutions on individuals remunerated EUR 1 million or more per financial year (“high earners”). The Guidelines also specify how the CSSF will collect the high earners data from relevant institutions, and how the CSSF will submit the high earners data to the EBA. Furthermore, the Guidelines repeal the EBA Guidelines on the data collection exercise regarding high earners (EBA/GL/2014/07).

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Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338) 2 Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 05.12.2019, p.64)

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The Guidelines are attached to this circular and are available on the EBA’s https://www.eba.europa.eu/regulation-and-

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website

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policy/remuneration/guidelines-high-earner-data-collection-exercises-undercrd-and-ifd-updated

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Scope of application This circular shall apply to: -

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all credit institutions, as defined in point (12) of Article 1 of the LFS;

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all CRR investment firms, as defined in point (9a) of Article 1 of the LFS;

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all non-SNI IFR investment firms, as defined in point (9a-2) of Article 1 of the LFS.

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When Article 13 of Regulation (EU) 575/2013, as amended 3, or Article 7 of Regulation (EU) 2019/2033 4 apply, the Guidelines are applicable in accordance with paragraphs 12 and 15 of the Guidelines at the consolidated level.

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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