Reporting of EBA remuneration data
REM BM credit institutions
The European Banking Authority (EBA) has decided on which credit institutions and investment firms must report on benchmarking of remuneration practices (REM BM).
The Financial Supervisory Authority (FIN-FSA) has separately contacted the entities that are required to submit benchmarking data and this information can be found in the Reporter Portal. The last submission date is 31 August 2023 for 31 December 2022 data.
The FIN-FSA will submit to the EBA remuneration data from the largest credit institutions in terms of asset volume in its Member State, ensuring that reporting covers at least 60% of the banking system’s asset volume in the Member State.
Reporting for credit institutions is based on FIN-FSA Regulations and guidelines 9/2022 (in Finnish), i.e. EBA/GL/2022/06 Guidelines on the benchmarking exercises on remuneration practices (REM BM), the gender pay gap (REM GAP) and approved higher ratios (REM HR) under Directive 2013/36/EU, and its items 12 and 15.
Reporting is done at the highest level of consolidation.
REM BM investment firms
The FIN-FSA will submit to the EBA remuneration data from at least the three largest investment firms in terms of asset volume in its Member State, ensuring that reporting covers, as far as possible, of at least 50% of the asset volume of all investment firms in the Member State.
The FIN-FSA has separately contacted the entities that are required to submit benchmarking data and this information can be found in the Reporter Portal. The last submission date is 31 August 2023 for 31 December 2022 data.
Reporting for investment firms is based on FIN-FSA Regulations and guidelines 10/2022 (in Finnish), i.e. EBA/GL/2022/07 Guidelines on remuneration practices (REM BM) and the gender pay gap (REM GAP) under Directive (EU) 2019/2034, and its items 12 and 13.
Reporting is done at the highest level of consolidation.
REM HE Credit institutions and investment firms
The FIN-FSA reminds entities that all supervised entities within the scope of reporting must return the REM HE (High earners) report by 31 August 2023, even if they did not have any high earners, as defined, in the 31 December 2022 reporting.
Reporting on investment firms applies to companies that do not meet the conditions of Article 12 of the EU Regulation on the prudential requirements of investment firms (EU 2019/2033) and their consolidation groups (chapter 6b, section 1b of the Act on Investment Services (747/2012).
Reporting for investment firms is based on FIN-FSA Regulations and guidelines 8/2022 (in Finnish), i.e. EBA/GL/8/2022 Guidelines on data collection of exercises regarding high earners under Directive 2013/36/EU and under Directive (EU) 2019/2034 (REM HE).
Reporting is done at the highest level of consolidation.
REM HR Credit institutions
The FIN-FSA reminds supervised entities that all credit institutions must return the above-mentioned report by 31 August 2023, even if the supervised entity has not had a decision of a corporate or other decision-making body to increase the ratio of variable to fixed remuneration, as defined, in the 31 December 2022 report.
Reporting takes place at the level of the individual credit institution (solo).
Regulations and guidelines 9/2022 (in Finnish), i.e. EBA/GL/2022/06 Guidelines on the benchmarking exercises on remuneration practices (REM BM), the gender pay gap (REM GAP) and approved higher ratios (REM HR) under Directive 2013/36/EU, items 8b and 12.
REM GAP
Data on gender pay gaps will be reported for the first time for the reporting period 31 December 2023.
* Contacts primarily via the FIN-FSA’s Reporter Portal
* Technical and interpretation questions (XBRL/XML) concerning EBA ITS reporting: EBAReportingHelpdesk(at)fiva.fi – will be withdrawn from use at the end of June 2023