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The CSSF has issued a new Circular 15/622 relating to the higher ratio notification procedure laid down in Article 94(1)(g)(ii) of Directive 2013/36/EU (CRD IV), thus repealing its former Circular 15/601. This circular entered into force with immediate effect.
Further to the transposition of the CRD IV in Luxembourg, the variable component of the total remuneration of staff members whose professional activities have a material impact on the risk profile of credit institutions and investment firms (so-called “Identified Staff”) shall not exceed 100 % of the fixed component of the total remuneration. However, Article 38-6(g) of the Law of 5 April 1993 on the financial sector has set this higher maximum ratio at 200% in accordance with the option granted to Member States...
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