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UK Government Proposals to Reform the UK's Financial Regulatory Framework
Jersey Finance Boardroom
Wednesday 10th November , 15:00-16:00
The FSA Remuneration Code - the Offshore Effect on Onshore Bonus Rules
The proposed changes to the FSA Remuneration Code in the UK will have significant consequences for offshore employees of banks , credit institutions and investment firms. The Code does not only apply to onshore entities and employees, it also catches offshore subsidiaries and branches of onshore:
- banks and building societies
- investment firms to which the Market in Financial Instruments Directive (MiFID) applies (apart from those exempted under the Capital Adequacy Directive)
The new Code will result in significant changes to the way in which many senior employees are remunerated, with particular consequences for the way in which bonuses and other forms of variable remuneration are calculated and paid. Bonuses for many employees will be deferred and will need to be paid in forms which are tied to the value and performance of the employing entity. In addition, the readiness of the FSA to extend its reach offshore may have further significance.
In this presentation, Huw Thomas, of Carey Olsen's Employment Team, discussed the changes and what they mean for offshore jurisdictions - including Jersey.
Related Media
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Presentation - UK Government Proposals
(1.16 Mb)
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