UK: FSA consults on remuneration disclosure requirements

The Financial Services Authority has published a consultation paper regarding its implementation of the remuneration disclosure requirements set out in the Third Capital Requirements Directive: see here (pdf). The consultation period closes on 8 December and the FSA intends to publish a policy statement on remuneration disclosure in the middle of December.

The FSA has also formally announced (see here) that next month it will publish a policy statement in response to proposed changes to its Remuneration Code. The revised Remuneration Code will come into force on 1 January 2011 and will apply to awards paid out in respect of the 2010 remuneration round. The FSA has stated that firms coming into the scope of the Code for the first time will be able to make use of transitional provisions to implement certain provisions of the Code over a period of six months.