On 21 December 2020, the decision to amend the Regulation on Sound Remuneration Policy Wft 2017 (Rbb 2017) was published in the Government Gazette (2020, 66558). The decision entered into force on 29 December 2020.
The decision concerns amendments to the Rbb 2017 in the context of new legislation and regulations that have entered into force. The reason for the amendments derives from the entry into force of the fifth Capital Requirements Directive (Directive (EU) 2019/878, CRD V) on 29 December 2020. This directive amends, among other things, some of the provisions on remuneration policy set out in the fourth Capital Requirements Directive (Directive 2013/36/EU, CRD IV).
The Rbb 2017 concerns the national implementation of the remuneration provisions contained in Articles 92 to 96 of the Capital Requirements Directive. The implementation mainly concerns banks, investment firms and not premium pension institutions. As a result of the new Section 1:117(5) of the Wft and the amendment of Section 3:269 of the Wft, the scheme now also applies to companies as referred to in Section 109(2) of the Capital Requirements Directive. The changes to the Rbb 2017 are not material. In particular, the amendments concern the category of employees to which the remuneration provisions apply, the broadening of the type of financial instruments in which variable remuneration can be paid, the extension of the period to defer payout and the introduction of an exemption from certain remuneration provisions, whereby the Netherlands has made use of the Member State option under Article 94(5) of the Capital Requirements Directive and has limited the group of employees that would fall under this option.
The Rbb 2017 was publically consulted from 9 October 2020 to 6 November 2020. In total, one party made use of this opportunity. This did not lead to further adjustments to be made to the Rbb 2017.
You can find the anonymized reaction that was received during the consultation period and its response below.
| During the consultation period, DNB received one response. The question refers to which performance year and award date the amended remuneration rules will apply to for the first time. The new Capital Requirements Directive does not provide any transitional rule. This means that as of the entry into force of the Capital Requirements Implementation Act 2020 and the amended Rbb 2017, the amended remuneration rules will apply. As an example, a performance bonus awarded in the spring of 2021 for the performance year 2020 will be subject to the amended remuneration rules. |
In addition, the Fifth Capital Requirements Directive was published on May 2019 and provides a high degree of certainty as to when institutions could be expected to comply with the amended rules.
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