AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

UK

In parallel with work undertaken by Basel, the European Commission adopted legislative proposals in July 2009 on amendments to provisions relating to the trading book, re-securitisation and remuneration.  The final text agreed by the European Commission, Parliament and Council of Ministers was published in the Official Journal on 14 December 2010, with an implementation deadline of 31 December 2011.  Its key relevance to asset management firms was the introduction of remuneration rules.  Whilst many of the elements of the CRD III provisions had little real application in respect of the typical hedge fund  remuneration model, the agreed text contained explicit permission for such rules to be applied proportionately.  In the UK, these rules have been implemented through revisions to the FSA’s already existing Remuneration Code.


Key legislative documents

Directive 2010/76/EU amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies (November 2010)

Banking Consolidation Directive (June 2006)

Capital Adequacy Directive (June 2006)


European Commission consultation documents

European Commission Consultation - Feedback Request for Possible changes – remuneration policies

Public consultation on possible changes to the Capital Requirements Directive (CRD, consisting of Directives 2006/48/EC and 2006/49/EC)


FSA consultation documents

FSA consultation - restrictions on the retail distribution of unregulated collective investment schemes (‘UCIS’) and close substitutes (August 2012)

FSA consultation  - Proposed review of ‘General Guidance on Proportionality’ for Remuneration (August 2012)

FSA consultation - data collection on remuneration practices (August 2012)

FSA consultation on Proposed Guidance on Staff Buy-out Awards (July 2011)

FSA consultation on Proposed Guidance on the Remuneration Code (July 2011)

FSA consultation on Guaranteed Variable Remuneration (April 2011)

FSA consultation on Remuneration Code FAQ (April 2011) 

FSA consultation - implementing the CRD3 requirements on the disclosure of remuneration (November 2010) 

FSA consultation - Revising the Remuneration Code (July 2010)

FSA consultation on Template for Self-Assessment of Compliance with Remuneration Code (tier 3 and 4)

FSA Consultation on Reforming Remuneration Practices in Financial Services (March 2009)


CEBS consultation documents

CEBS consultation – draft guidelines on remuneration policies and practices (October 2010)


AIMA documents

Guidance Note on the FCA Remuneration Code (April 2014)

Summary - FCA Consultation on Proposed AIFM Remuneration Code Guidance (September 2013)

Submission - UK implementation of ESMA’s guidelines on sound remuneration policies under the AIFMD (March 2013)

Submission - Extension of remuneration guidelines to delegates (March 2013)

Response to FSA consultation - restrictions on the retail distribution of unregulated collective investment schemes (November 2012)

Response to FSA consultation - General guidance on proportionality for remuneration (September 2012)

Response to FSA consultation - Dear CEO letter (September 2011)

Response to FSA consultation - Buyout awards to new staff (August 2011)

Guidance Note on the FSA Remuneration Code (May 2011)

Response to FSA consultation - Proposed Guidance in relation to FSA Remuneration Code  (May 2011)

Initial Guidance Note on the FSA Remuneration Code (December 2010)

Response to FSA consultation - implementing the CRD3 requirements on the disclosure of remuneration  (December 2010)

Summary of CEBS Guidelines on Remuneration Policies and Practices (December 2010)

Summary of FSA consultation paper - Implementing CRD3 Requirements on the Disclosure of Remuneration (November 2010)

Response to CEBS consultation on Guidelines on Remuneration Policies and Practice (November 2010)

Response to FSA consultation - Revising the Remuneration Code (October 2010)

Summary of CEBS consultation paper - Guidelines on Remuneration Policies and Practices (October 2010)

Note on Remuneration Principles 2010 (September 2010)

Summary of FSA consultation paper - Revising the Remuneration Code (July 2010)

Response to European Commission consultation on Remuneration policies in the financial services sector (May 2009)

Response to FSA consultation - Reforming Remuneration Practices in Financial Services (May 2009)

Summary of FSA consultation paper - Reforming remuneration practices in financial services (March 2009)


Other documents

FSA General Guidance on Proportionality for Remuneration (September 2012)

FSA Remuneration Code and Guidance

CEBS Guidelines on Remuneration Policies and Practices

European Commission Recommendation on completing recommendations 2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors of listed companies (April 2009)

European Commission Recommendation on remuneration policies in the financial services Sector (April 2009)

Main Menu

  1. Home
  2. About
    1. Our Core Objectives
    2. AIMA's Policy Principles
    3. Meet the team
    4. AIMA Council
    5. Global Network
    6. Sponsoring Members
    7. Global Partners
    8. FAQs
    9. Opportunities at AIMA
      1. Analyst, Tax Affairs
  3. Join AIMA
    1. Benefits of Membership
    2. Membership Fees
    3. Application form
  4. Members
    1. AIMA Annual Reports
    2. AIMA Governance
    3. AIMA Logo
      1. Policy note
    4. AIMA Members' List
    5. AIMA Review of the Year
    6. Committees and Working Groups
    7. Weekly News
    8. Update Profile
  5. Investors
    1. AIMA Investor Services
    2. AIMA Members' List
    3. Investor Steering Committee
    4. Update Profile
  6. Regulation
    1. AIMA's Policy Principles
    2. Asset Management Regulation
      1. EU Asset Management Regulation
        1. AIFMD
        2. European Capital Markets Regulation
        3. MiFID / MiFIR
        4. UCITS
          1. ETFs and Structured UCITS
        5. Venture Capital
      2. US Hedge Fund Adviser Regulations
        1. Registration and Reporting
        2. Incentive-Based Compensation
        3. JOBS Act
      3. Asia Pacific Asset Management regulation
      4. Other Jurisdictions’ Asset Management Regulation
      5. Regulation of NBFCs / SIFIS
      6. Supervision
        1. UK regulatory reform
        2. European Supervisory Authorities
        3. US Self-Regulatory Organisations
      7. Remuneration
        1. UK
        2. US
        3. CRD IV and CRR
        4. AIFMD
        5. MiFID
      8. Shadow Banking
      9. Volcker Rule
      10. Other
    3. Markets Regulation
      1. Bank/Capital Regulation
        1. Capital Requirements Directive
        2. EU Bank Structural Reforms
      2. Derivatives/Clearing
        1. EMIR
        2. MiFID / MiFIR
        3. MAD / MAR
        4. Dodd-Frank Act Title VII
        5. Hong Kong
        6. IOSCO
        7. Singapore
      3. High Frequency Trading
        1. ESMA Guidelines
        2. MiFID / MiFIR
        3. MAD / MAR
        4. Flash Crash
        5. IOSCO
        6. Germany
        7. CFTC Automated Trading
      4. Insurance Regulation
        1. Solvency II
      5. Market Abuse
        1. MAD / MAR
        2. Indices as Benchmarks
      6. Position Limits
        1. MiFID / MiFIR
        2. CFTC Position Limits
      7. Resolution of Financial Institutions
        1. Europe
          1. EU Bank Recovery and Resolution Directive
          2. EU Non-Bank Recovery and Resolution
        2. CPSS-IOSCO
        3. Financial Stability Board
        4. UK
        5. USA
      8. Short Selling
        1. EU Short Selling Regulation
        2. Hong Kong Short Selling Regulation
        3. US Short Selling Regulation
        4. Short Selling Bans
      9. Securities Settlement
      10. Shadow Banking
        1. International Shadow Banking
        2. EU Shadow Banking
      11. Trading
        1. MiFID / MiFIR
        2. Dodd-Frank Act
    4. Tax Affairs
      1. EU Savings Directive
      2. FAIFs and FINROFs
      3. FATCA
      4. FIN 48 and IAS 12
      5. Financial Transaction Tax
      6. Investment Manager Exemption
      7. UK Offshore Funds Regime
      8. Other
    5. Search
    6. Resources
      1. Guidance Notes
      2. Jurisdictional Guides
      3. Noticeboard
        1. FATCA
        2. Other Hot Asset Management Topics
        3. Other Hot Markets Topics
        4. UK Partnership Tax Review
        5. Volcker Rule
      4. Hedge Fund Manager Training
      5. Quarterly Regulatory Update
      6. Webinar Programme
  7. Education
    1. AIMA Journal
      1. Search AIMA Journal articles
      2. AIMA Journal Archive
    2. ‘Capital Markets and Economic Growth – Long-Term Trends and Policy Challenges'
    3. AIMA/KPMG reports on state of global hedge fund industry
    4. Roadmap to Hedge Funds
    5. Guides for institutional investment
    6. Industry-standard DDQs
    7. Sound Practices
    8. Industry Guides
    9. CAIA
      1. FAI
    10. Services to Start-up Managers
    11. Useful Websites
    12. 'The Alternative Answer'
    13. Glossary
  8. Events
    1. AIMA Events
    2. Industry Events
  9. Media
    1. AIMA in the News
      1. Articles by AIMA
      2. Television interviews
    2. Press Releases & Statements
    3. Media Contacts
    4. Press Materials

Sub Menu

  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
        1. EMIR Level 1
        2. EMIR Level 2
        3. EMIR UK Implementation
        4. ESMA technical advice on equivalence
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
      7. Singapore
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
      2. CPSS-IOSCO
      3. Financial Stability Board
      4. UK
      5. USA
    8. Short Selling
      1. EU Short Selling Regulation
        1. SSR Docs
          1. SSR Level 1 - Consultations, legislative process and releated AIMA documents
          2. SSR Level 2 consultations, legislative process and related AIMA documents
          3. SSR Review
      2. Hong Kong Short Selling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Securities Settlement
    10. Shadow Banking
      1. International Shadow Banking
      2. EU Shadow Banking
    11. Trading
      1. MiFID / MiFIR
        1. MiFIDII MiFIR Level 1 Consultations, legislative process and related AIMA documents
        2. MiFIDII MiFIR Level 2 Consultations, legislative process and related AIMA documents
      2. Dodd-Frank Act
  4. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. FATCA
      2. Other Hot Asset Management Topics
      3. Other Hot Markets Topics
      4. UK Partnership Tax Review
      5. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme