Advanced Search

The Legislative Provisions On The Basic Principles Of The Remuneration Policy

Original Language Title: Normatīvie noteikumi par atalgojuma politikas pamatprincipiem

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
Financial and capital market Commission, the provisions of regulations No 126 in Riga 2014 July 2 (financial and capital market Commission Council meeting Protocol No 24 p. 2) The legislative provisions on remuneration policy guidelines Issued in accordance with the law of credit institutions article 34.1, second subparagraph, and article 3 and the seventh subparagraph of the financial instruments market law article 124 part 1.1 and 1.7 part 1 General questions 1. "the legislative provisions on remuneration policy the basic principles" (hereinafter-the rules) determines the basic principles of remuneration policy and are binding on the Republic of Latvia registered credit institutions and investment firms that license permission to provide the financial instruments market law, article 3 of the fourth part 5 and 6 referred to investment services (further the text in the body). The rules laid down in the basic principles of the remuneration policy should be applied to the other investment firms, insurance companies and reinsurance companies as well as investment management companies and private pension funds. 2. the authority shall comply with the requirements of this regulation and the individual consolidation at group level or subkonsolidēt in its organizational structure, scope, complexity, and nature types. 3. the authorities are bound by the provisions of these regulations shall comply with the requirements of point 21. individually, if they are not subject to consolidated supervision by the financial and capital market Commission (hereinafter the Commission) or by the authorities of another Member State, the supervisory organ or the consolidation group level or subkonsolidēt, where they are consolidated monitoring, carried out by the Commission, but is not subject to consolidated supervision by the authorities of another Member State supervisory authority. 4. the terms used in the rules: 4.1 – the internal control functions of the institution made the risk control, operational control of compliance and internal audit functions; 4.2. the variable part of the remuneration from the performance based pay structure which can create various elements, such as the monetary costs (e.g., bonuses) or non-monetary form (such as shares or equity related instrument in the form). The variable part of the remuneration also includes initiatives by institutions with certain retirement benefits related (discretionary pension benefits), the amount of which depends on the result of the operation, but does not include contributions to private pension funds pension plans or with the retirement of the related expenditure, determined in accordance with the Authority's pension policy institutions at the level of the Organization; 4.3. fees-pay fixed part (normally the salary) and the variable part of the remuneration (if applicable) total; 4.4. the essential pay-pay variable part the variable part, which constitute 70 percent to 100 percent (not including) from official or employee remuneration was not fixed in the variable part of the year under review; 4.5. Special high-wage variable part the variable part of remuneration – a 100 percent (inclusive) and a number of official or employee without remuneration fixed in the variable part of the reference year. 4.6. investment services providers – natural persons, employees of the authority, which is engaged in the investment services or additional services, referred to in the financial instruments market law article 3, fourth and fifth paragraphs, of the process, including the provision of customer service professionals, sales professionals, financial analysts, and other individuals who have a significant impact on investment services or additional services quality. 5. the requirements of this regulation are applied: 5.1 posts whose professional activities individually or collectively essential impact on the risk profile of the institution, such posts as Board members and senior executives, posts that include the powers of the authority to take the risk that material impact on the risk profile of the institution, the institution posts that carry out internal control functions, as well as posts that pay is equal to or greater than the members of the Board of the authority or position that mandate is the name of the institution to take the risk that material impact on the risk profile of the institution, job family salary scale at a lower level (hereinafter also – institutions risk-positions); 5.2. investment services providers. 6. the authority shall ensure that: 6.1. officers and employees undertake not to use personal hedging strategies or remuneration and liability insurance, which reduce the risk of any adjustment of the remuneration policy, impact on remuneration; 6.2. the variable part of the remuneration cost, is not using the tools or methods that contribute to the avoidance of these rules or a regulation of the European Parliament and of the Council (EU) no 575/2013 (26 June 2013) for the prudenciālaj requirements for credit institutions and investment firms, and amending Regulation (EC) No 648/2012 (hereinafter the EU Regulation No. 575/2013) requirements. 7. the authority shall introduce appropriate measures to ensure that the calculation of the compensation of third parties (such as the associated agents) on investment services or additional services on financial instruments market law authorities provide the client, in compliance with the requirements of these regulations. If the authority investment service or the provision of additional services, outsource authority verifies that the outsourcing provider's remuneration policy is consistent with the requirements of this regulation. 2. Remuneration policy 2.1. Managing 8. the authority shall ensure the pay policy development, implementation and ongoing maintenance, which is not conducive to 8.1: risk-taking over risk strategies specified in the risk taking level; 8.2. without prejudice to the Authority's ability to strengthen its own funds; 8.3. comply with the institution's values, such as ethical standards, long-term interests, development strategy operational objectives, as well as meet and promote prudent and effective risk management and prevention of conflicts of interest; 8.4. the customer is not contrary to the interests of investors or principles of protection and other stakeholder interests; 8.5. takes note that the guaranteed amount of the variable part of the remuneration determination does not satisfy the prudent risk management or the variable part of the remuneration for the performance of the determination in accordance with the requirements of this regulation and may not provide the pay plans of the future (prospective plans of remuneration). Guaranteed about the variable part of the remuneration may be determined only in exceptional cases new officials in hiring or in cases where the first working year if it does not interfere with the authority to maintain adequate capital base (a sound and strong capital base). 9. the Council is responsible for: 9.1. basic principles of remuneration policy and remuneration policy approval; 9.2. remuneration policy development and monitoring of implementation; 9.3. determination of remuneration for the members of the Management Board of the authority, the functions of the internal audit senior officials or employees, as well as posts that pay is equal to or greater than the members of the Management Board of the authority posts the lowest remuneration of family-level scale. If the authority receives the support of the Business Council, the institutions shall immediately report to the authorities of the members of the Executive Board and other authorities affecting the risk profile of the remuneration corresponding to the post sound and effective risk management and long-term growth, as well as further review it according to changes in the financial position of the authority; 9.4. risk control and compliance control function to the highest level of officials or other servants in the direct supervision; 9.5. the basic principles of the remuneration policy for regular, but no less than once a year, review to ensure their compliance with the institution's existing operation and its development strategy, as well as changes in external factors; 9.6. procedures for carrying out checks on the Authority's determination of the remuneration policy the remuneration policy approved by the compliance (for example, the Council of the authority determines that compliance on a regular basis, but not less frequently than once a year, check and evaluate internal control functions); 9.7. reporting arrangements for the determination of the authorities to the Council of internal control function examinations and knowledge acquired, as well as the remuneration policy impact on the risk profile and risk management quality. 10. The Management Board of the authority is responsible for the Authority's Council established the basic principles of the remuneration policy the remuneration policy of the appropriate development and its relevant internal legislation development, approval and implementation. The internal control function of remuneration shall be determined in accordance with the internal control function set goals, regardless of the results achieved to the internal control function in controlled areas. The Management Board of the authority provide officials and employees for their performance in the assessment and determination of the variable part of remuneration to be used in indicators and methods, as well as ensure that internal legislation for the determination of remuneration, t.sk. the evaluation process and its results, are clearly documented and available internally, as far as necessary to the function or duty or in so far as they apply to the specific officials or employees. 11. the authority, given its scope, types, complexity and specificity, as well as the organisational structure, assess the usefulness of the remuneration Committee. The remuneration Committee is responsible for the internal legislation, subject to the approval of the Council of the authority and related to remuneration, training, t.sk. for the preparation of internal legislation which has an impact on the risk profile and risk management quality. The remuneration Committee's internal regulations shall be drawn up, taking into account the institution's shareholders, investors and other interested parties, as well as the long-term interests of the public interest. In accordance with the mandate of the Council of the authority the remuneration Committee of the authority may be responsible also for the members of the Board of the authority, the internal audit functions of the senior officer or employee, the position that remuneration is equal to or greater than the members of the Board of the authority of the posts below the level of remuneration in the family scale, wage determination, as well as the risk control and compliance control function to the highest level of officials or other servants in the direct monitoring. The head of the Committee for the remuneration shall appoint one of the members of the Council of the authority. The remuneration Committee members may be appointed only members of the Council of the authority, except where the law provides for the officials, who is not a member of the Council of the authority, or the employee representation bodies. In this case the remuneration Committee may appoint a member of the Authority official, who is not a member of the Council of the authority, or employee. The authority shall ensure that the assessment and decisions on the remuneration Committee's creation utility is documented and substantiated. 12. Remuneration policy and related internal legislation drafting, implementing and ensuring compliance with the involved officers or employees that the authority carry out internal control functions, and officials or employees who carry out personnel management authority, as well as, if necessary, shareholders and external experts. Officials or employees participating, remuneration Committee members, shareholders, external experts, as well as for the Authority's remuneration policy for Executive Council members should be: 12.1. appropriate competence; 12.2. functionally independent from those under their control activities (units); 12.3. the necessary powers to carry out the functions and gathering information; 12.4. able to provide independent and competent on the remuneration policy and compliance, as well as its suitability for the institution, t.sk. its impact on the risk profile and risk, capital and liquidity management. 2.2. principles of remuneration policy the remuneration policy of the 13 basic principles States: 13.1. remuneration policy goals, such as the authority of the operational goals, i.e. qualifications officer or employee recruiting and motivating; 13.2. the remuneration elements, t.sk. salaries, bonuses, long-term incentive schemes, performance shares, equity related instruments or other instruments which comply with the rules in paragraph 19.2.2 above requirements, remuneration of contract or authorization in the event of such termination, contributions to private pension fund pension plans, with the retirement of the advantages (discretionary pension benefits) and other retirement-related costs, in accordance with the Authority's pension policy, payments related to compensation or exemption from the obligations of officials or servants of the arising from the previous employer mandate concluded contract or the termination of the employment contract and which meets the long-term interests of the institution, including non-monetary instruments of policy (retention policy) under this provision the requirements of paragraph 19.2. significant and particularly high pay variable part of a suspension order under this provision the requirements of paragraph 19.1, the variable part of the salary adjustment mechanisms in accordance with the provisions of paragraph 19.3.1 requirements, as well as performance, etc.; 13.3. financial and non-financial indicators and methods officer and employee performance evaluation and remuneration and the variable part of remuneration fixed part. The authority shall make a clear distinction between indicators used to determine the remuneration unchanged 13.3.1.: the part that mostly reflects the officer or employee's professional experience and the level of responsibility specified in the respective officers or employee's job description, which is an integral part of the contract of employment; 13.3.2. the variable part of the remuneration which reflects the official or employee performance, which exceeded its job description, what is an integral part of the Treaty, the requirements of the stability and related existing and potential risk assessments; 13.4. measures for the prevention of conflicts of interest, such as excluding the possibility of members of the Management Board of the authority to determine or participate in the determination of his remuneration or directly linking the remuneration of specific financial instruments, financial instruments, or determine the extent of sale; 13.5 each officer or employee for a reasonable relationship between the remuneration fixed and variable parts, t.sk. the variable part of the remuneration structure and the variable part of the remuneration ceiling, taking into account the areas of activity in which the post is established, the conditions and specific features. The authority shall ensure that the variable part of the remuneration does not pay is large enough to enable the authority to determine the remuneration policy flexibility with respect to the variable part of the remuneration, including the ability to withhold the variable part of the remuneration, for example, the financial position of the authority and its solvency in case of deterioration, given the long-term capital assurance considerations; 13.6. the remuneration that exceeds the statutory employment severance pay in the amount of the contract or a mandate contract in the event of termination, reduction or payment conditions, if the officer or employee's activities in the period are the errors and failures or not properly carried out a professional activity (misconduc); 8.5. the risk profile of the institution influencing positions, ensuring that evaluation and decisions taken on the risk profile of the institution-the post has documented. 2.3. Performance assessment and determination of the variable part of the remuneration 14. Performance evaluation of the use not only of the activity of targeted financial indicators, such as income or turnover. If the performance evaluation using financial indicators, calculated on the basis of the accounting data, the authority shall take into account that such scores include results for prior periods, but does not include risks that may arise due to losses in future periods of activity. Financial indicators be adjusted taking into account: 14.1 with the performance of the existing and potential related risk assessments; 14.2. expenditure on capital, as well as the costs for liquidity. 15. developing methods for the adjustment of the financial performance, it is recommended that you determine how the determination of the variable part of remuneration for each Executive or employee reflects: 15.1 the risks that arise or may arise in the activities, employing the officer or employee; 15.2. the internal control elements of existing and potential risk reduction; 15.3. the period that is required to assess the nature of the activity, which employs the officer or employee. 16. the evaluation of the results of activity of non-financial indicators are used (for example, internal regulations and standards that govern the relationships with customers and investors, or limit, fair treatment of customers, customer satisfaction), and can take into account when assessing each officer or employee performance. Determining the importance of non-financial indicators, the Authority noted that the use of non-financial indicators of individual performance appraisal is essential, because non-compliance with non-financial indicators (or incomplete) can affect the risk profile of the institution or its financial results. 17. the variable part of the remuneration taken into account for the determination of officials or servants of the performance evaluation of the individual in combination with the performance evaluation of the business unit level and in combination with the General performance of the institutions, the consolidation at group level or subkonsolidēt, as well as experts such as risk control function, assessment made on performance stability (persistence). 18. The Authority shall establish the indicators used for the variable part of remuneration elements or forming the variable part of the remuneration elements that make up the total (pools of variable remuneration components) calculation, adjustment, taking into account this provision 14.1 and 14.2. the observations referred to in paragraph 1. The authority shall ensure that the variable part of remuneration forming elements Division within the institution, taking into account the level of breakdown in the performance of the existing and potential related risk assessments. 2.4. the requirements for the risk profile of the institution-posts 19. Remuneration policy framework regarding the risk profile of the institution posts in addition to affecting States: 19.1. significant and particularly high pay the variable part of the suspension, noting that significant wage determination of the variable part of the case, not less than 40 percent (in particular high pay variable part of discovery necessary – not less than 60 per cent) of its deferred to the period of not less than three to five years, depending on the position or level of responsibility and which can be assessed for the determination of the variable part of the remuneration of the performance, the stability and the risks associated with them. The variable part of the salary deferral period is determined according to the business cycle, its risks and the participating officer or employee's activities; 19.2. specific high pay procedures for the determination of the variable part, noting that, if the authorities of the capital securities are admitted to trading on a regulated market, then the particular high pay variable part of discovery necessary not less than 50 per cent of its monetary form shall be in the form: 19.2.1. shares or share-related instruments; 19.2.2. If possible, The EU Regulation No. 575/2013 52. the requirements of article 63 and the appropriate tools or other tools that fully convertible (converted) first level of basic capital instruments or writing (written down) and that in all cases the relevant authorities reflect the credit quality of its ordinary activities (in the credit quality of the institution as a going concern), as well as being suitable for use for the determination of the variable part of the remuneration. Authority in respect of the instruments referred to in this paragraph lays down the monetary instruments not holding policy (retention policy), i.e. the number of years in which the recipient is a non-monetary instruments shall not be entitled to sell them, to ensure that the remuneration policy of the Authority set out in the compliance scheme incentive institutions long-term interests; 19.3. each institution's risk profile-position matching the variable part of the remuneration irrespective of its structures (bodies of shares, equity related instruments, money or other means of payment) and irrevocable rights to the terms of the acquisition, considering that: the variable part of remuneration 19.3.1., t.sk. deferred shares, take the actual costs or the irrevocable rights pursuant to this provision the requirements of paragraph 19.3.2 to obtain it according to the cycle of the institution and its activities, as well as the risk if the payment corresponds to the financial position of the authority and institutions, they risk profile-post reviewer and the performance of the Department. Authority reduced the variable part of the remuneration of the total size of the cost, t.sk. the variable part of the remuneration also suspended parts of the total size of the cost if its financial performance deteriorates or is negative. The authority shall ensure the adjustment mechanisms as the variable part of the remuneration paid out of claim or refund the variable part of the remuneration deferred part of the total size of the partial or total reduction, if it is granted for the performance based on data that later proved to be purposely distorted (abuse) or pay (clawback) the variable part of the deferred shares, which are not irrevocable rights obtained, reduction, based on actual performance (Malus). The authority shall lay down the criteria that the adjustment mechanism for the application and ensure that they cover situations in which the officer or employee attended or was responsible for the action, as a result, there was a significant loss to the authority, or situations in which the officer or employee does not meet the relevant eligibility and compliance standards (standards of fitness and propriety); 19.3.2. irrevocable right for deferred variable part of the remuneration of obtained in proportion to the period (number of years) for which the deferred remuneration variable part, but not earlier than 12 months after the determination of the variable part of the remuneration. Before the irrevocable right to the variable part of remuneration outstanding to parts where necessary adjusted (reduced), as contained in the original calculation of the risks that become known in the period to which the deferred remuneration variable part, and related to the achievement of results that a certain variable part of the remuneration of the deferred part. The Authority noted that the variable part of the remuneration of the actual cost of the deferred part can be made after it is acquired, irrevocable rights, as well as the variable part of the remuneration deferred part to which the irrevocable is acquired rights are not defined, calculated and paid out in dividends or interest; 19.3.3. when particular high pay variable, t.sk. the deferred part of the actual cost, this rule 19.2 of the requirements apply to both the variable part of remuneration and not postponed postponed; 19.4. the benefits associated with retirement, which is the variable part of the remuneration element (discretionary pension benefits), costs, conditions, subject to the following requirements, if the authorities of the capital securities are admitted to trading on a regulated market: 19.4.1. If the employment relationship is terminated before retirement age, the authority provides retirement benefits associated with non-monetary form, keeping your property for not less than five years, that is, with retirement benefits costs related to non-monetary form, for five years after termination of employment before retirement age; 19.4.2. an officer or employee reaching the retirement age, the authority ensures that the retirement benefits costs related to non-monetary form and are suitable for non-monetary authority of policy instruments, noting that the instruments that the holding period must not be less than five years, that is, the officer or employee received retirement benefits associated with non-monetary form be sold not earlier than five years after retirement age; 19.5. the variable part of the remuneration, performance appraisal takes into account several years of performance indicators to ensure that performance appraisal is based on long-term performance. 3. Information on the disclosure of remuneration policy and reports on the reporting period of the 20th century, beginning in 2014 on January 1 and later, discovers information about the remuneration policies and practices, subject to EU Regulation No 575/2013 450. Article and filling in the table attached in annex 1. Fill out the table, subject to the following requirements: 20.1. report prepared for the reporting year consolidation group or subkonsolidēt, or individual; 20.2. the report indicates the gross pay, not including the national employers ' compulsory social insurance contributions; 20.3. the report totals are presented in euro. Remuneration set in foreign currency shall be converted into euro according to the accounting of foreign currency to be used in the course. 20.4. the number of employees report indicates FTEs (full time equivalent) at the end of the year, with the exception of information about Council and Board members. The Council and the Executive Board indicates the number of elected members. The authorities shall provide the Commission and the public that information, subject to the laws and regulations of natural persons in the field of data protection, to review the year in the following year on May 1. 21. The Authority shall provide the Commission with information in accordance with the provisions of the table in annex 2 of the officers or employees whose remuneration during the reference year is equal to or greater than eur 1 million (-highly paid employees), subject to the following requirements: 21.1. This provision 3. the authorities referred to in paragraph overview of each the Member State in which they carry out their commercial activities and in which there is at least one high-wage employee, drawn up separately; 21.2. information about highly paid employee include in the report, prepared for the Member State in which the employee performs his professional activities; 21.3. information about highly paid employees who perform their professional activities in several Member States, include in the report, prepared for the Member State in which the employee is mainly carried out his professional activities. Information about high-paid employees who carry out their professional activities both at Member State and foreign country, include in the report, prepared for the Member State concerned, if highly paid employees of their professional activities, mainly carried out in that Member State, rather than a foreign country; 21.4. the report prepared for the reporting year; 21.5. the report totals are presented in euro. Remuneration set in foreign currency shall be converted into euro according to the accounting of foreign currency to be used in the course. 21.6. the report does not include information about highly paid employees, who carry out their professional activity abroad. The authority shall submit to the Commission a report to the review year of the following 31 March. If you are not in one of the countries of the European economic area in which the provisions referred to in paragraph 3, the authorities carry out their commercial activities, there are no highly paid employee, the report is prepared and submitted to the Commission. In addition to the authority discloses a number of highly paid employees in accordance with EU Regulation No. 575/13 (i) of article 450 points. 22. the Provisions of paragraphs 20 and 21 of these accounts shall be drawn up in accordance with Commission rules, regulations No 14.10.2008.146 "prepared statements electronically submit the legislative provisions". If the Commission finds that the report has been prepared in error, it will be announced in the report to the applicant. If the Commission has not indicated otherwise, corrected report shall be submitted not later than the second working day after notification of the existence of the error from the Commission. Informative reference to European Union Directive provisions included in the law arising from the European Parliament and of the Council of 26 June 2013 Directive 2013/36/EU on access to credit and the credit institutions and investment firms for the monitoring of the prudenciāl, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC. Financial and capital market Commission Vice Chairman p. Birdie annex 1 financial and capital market Commission 02.07.2014. regulatory arrangements no 126 "the legislative provisions on remuneration policy the basic principles" of the institution or the consolidation group name: code: a review of the remuneration of staff 20 ______. year _____ _____ _____ _____ _____ _____ _____ _____ _____ _____ _____ (reporting period) table 1 information on the remuneration of staff Council investment Board Private Services1, or of small and medium-sized companies active in Corporate pārvaldīšana3 apkalpošana2 support funkcija4 funkcija5 other internal control activities veidi6 number of employees at the end of the year profit/(loss) after tax total remuneration including: variable remuneration part table 2 information on the risk profile of the institution-staff Council investment Board Private Services1, or of small and medium-sized companies active in Corporate pārvaldīšana3 apkalpošana2 support funkcija4 funkcija5 of internal control the other action veidi6 risk profile -the number of employees at the end of the year including the risk profile of the effects of the number of employees in senior management positions in the fixed part of the remuneration total remuneration fixed part including cash and other payment instruments including shares and related instruments including other instruments7 pay variable part the variable part of the total remuneration including cash and other payment instruments including shares and related instruments including other instruments7 deferred variable part of remuneration total deferred variable part of the remuneration that delayed the reporting year including deferred money and other means of payment in the form including the deferred part of the shares and related instruments, including the deferred form part of other instruments not paid formā7 the total deferred variable part of the remuneration granted before annual report including the part that is of irrevocable rights including the part to which the irrevocable right is acquired by the common reference year deferred remuneration paid a variable part the variable part of the remuneration adjustment applied during the year in the variable part of the remuneration adjustments related to prior years assigned to the variable part of remuneration of guaranteed wage variable part the variable part of remuneration guaranteed (sign-on payments), the number of beneficiaries guaranteed the variable part of the remuneration (sign-on) for consideration for employment termination for employees who received compensation for termination of labour relations in the year under review the compensation paid for employment termination in greater rewards for employment termination in about one person With retirement benefits are linked to the number of employees receiving the retirement benefits related To retirement benefit related about 1 advice on company finances, deal with or traded on a regulated market regulated market traded financial instruments, as well as with the trading of the financial instruments and the sale of related services 2 individuals and company lending 3 individual investment portfolio management, investment made in the European Parliament and of the Council of 13 July 2009. directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) requirements applicable to investment funds, management (managing of UCITS) and other types of asset management. 4 all the features that apply to all credit/consolidation groups such as IT, human resources, internal audit activity 5 compliance control function and the risk control function 6 employees whose professional activities cannot be attributed to the activities listed above. Authority for the report adds further explanation indicating which activities staff shall carry out their professional activities in 7 tools that meet this provision in paragraph 18.2.2 requirements authorities (signature) (name) performer (first name, last name, phone number, email address) Annex 2 financial and capital market Commission 02.07.2014. regulatory arrangements no 126 "the legislative provisions on the basic principles of the remuneration policy," review of high-wage compensation of employees in the name : the Member State to which the data applies: the year in review: applicant: phone: email: type of activity: investment Services1 individual or small and medium company apkalpošana2 pārvaldīšana3 other operating assets total veidi4 highly rewarded employees skaits5, URt.sk.: the risk profile of the institution-the number of employees is not the variable part of remuneration total (euro) mainīgās6 part of remuneration total (euro) URt.sk.: at the initiative of the authorities with certain retirement benefit related totals (Total discretionary pension benefits) in the financial year deferred variable part of remuneration total additional explanations of the column "other operational veidi4" contained high-salaried employees type of activity: 1 Include provision of advice on commercial finance, business with regulated market or traded on a regulated market not traded financial instruments, as well as with the trading of the financial instruments and the sale of related services. 2 includes private and commercial lending. 3 Includes individual investment portfolio management (portfolio management), the contribution made to the European Parliament and of the Council of 13 July 2009. directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) requirements of the corresponding investment funds, management (managing of UCITS) and other types of asset management. 4 includes the highly paid employees whose professional activities cannot be attributed to such activities as investment services, individuals or small and medium company service or asset management. In this case, the authority for the report adds additional explanation, specifying the activities which the high paid workers carry out their professional activities. 5 high-salaried workers (full time equivalent terms) on the situation in the reporting year on 31 December. 6 includes a reference year set in the variable part of the remuneration, t.sk. the year under review the remuneration specified in the deferred portion, as well as certain initiatives of the authority of the benefits associated with the retirement of the total amount of remuneration, the variable part of the remuneration that exceeds the Work and the statutory severance pay in the amount of the contract or a mandate contract termination.