Financial enterprise remuneration policy

Original Language Title: Wet beloningsbeleid financiƫle ondernemingen

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Law of 28 January 2015 amending the Law on Financial Supervision relating to the remuneration policy of financial undertakings (Financial Undertakings Act)

We Willem-Alexander, at the grace of God, King of the Netherlands, Prince of Orange-Nassau, etc. etc. etc.

All of them, who will see or hear these, saluut! do know:

In this regard, we considered that it would be desirable to provide for supervision of the remuneration policies of financial undertakings, to set a maximum of variable remuneration, and to lay down rules on the transparency of the remuneration of financial undertakings. remuneration policies;

It is true that we, the Department of Consultative Affairs of the Council of State, and with the mean consultations of the States-General, have found and understand the same as We approve and understand:


Article I

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Article Ia

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Within three years of the entry into force of this Act, our Minister of Finance shall send to the States-General a report on the effectiveness and effects of this law in practice.


Article II

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  • 1 Article 1:128, first paragraph, introductory sentence and part a, of the Financial Supervision Act does not apply:

    • a. Already granted for 26 October 2011, but not yet distributed variable rewards of its directors, if a financial undertaking enjoys support at the time of entry into force of this Act and that aid was already in place before 6 October 2011 granted;

    • b. granted at that time, but not yet distributed variable rewards of persons who perform a managerial position directly below the echelon of the daily policy determinants and responsible for natural persons Where a financial undertaking is granted aid at the time of entry into force of this Act, whose activities may substantially affect the risk profile of the undertaking.

  • 2 By way of derogation from Article 1:128, first paragraph, part b, of the Financial Supervision Act shall be:

    • a. if, at the time of the entry into force of this Act, a financial undertaking was granted aid and that aid had already been granted before 6 October 2011, the value of the fixed remuneration of its directors has been valued as the value of the value of its directors. which had these fixed rewards on 20 June 2012, except that the for the application of Article 1:128, first paragraph, part b , the value to be taken into account shall not exceed 120% of the value as of 26 October 2011;

    • b. if, at the time of entry into force of this Act, a financial undertaking was granted aid and that aid had already been granted before that date, in determining the value of the fixed remuneration of persons holding a senior management function Perform directly under the echelon of the daily policy determinants and be responsible for natural persons whose activities may materially affect the risk profile of the undertaking on the basis of the value of these fixed remuneration had at the time of the entry into force of this Act.

  • 3 In a case as referred to in Article 1:128, fourth or fifth member, of the Financial Supervision Act For the purposes of application of the first and second for 'financial undertaking', the group society at the head of the group shall be replaced by the person within the group of hierarchically-highest group society with the registered office in the Netherlands and the banks and insurers belonging to that group.


Article III

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This Law shall enter into force on a date to be determined by Royal Decree, which may be adopted in a different way for the various articles or parts of such articles.


Article IV

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This law is cited as: Act of remuneration of financial corporations.

Burdens and orders that it will be placed in the Official Gazette and that all ministries, authorities, colleges and public servants who so far as to do so will keep their hands on the precise execution.

Entry

Wassenaar, 28 January 2015

William-Alexander

The Minister of Finance,

J.R.V.A. Dijsselbloem

Published the sixth of February 2015

The Minister for Security and Justice,

I. W. Opstelten