CySEC adopts EBA Guidelines regarding remuneration practices and the gender pay gap in accordance with Directive (EU) 2019/2034 (EBA/GL/2022/07). In addition, the provision of relevant data regarding high earners, i.e. staff member(s) earning a remuneration of at least EUR 1 million in the reported financial year should be submitted to the Commission.
The Guidelines on benchmarking exercises on remuneration practices and the gender pay gap, and the Guidelines on data collection exercises regarding high earners apply to €150.000 and €750.000 CIFs.
CIFs regarding remuneration data, should by 15 June of each calendar year, submit to CySEC:
- information on the remuneration of all staff as set out in Annex I of the Guidelines on benchmarking exercises on remuneration practices and the gender pay gap,
- additional information on remuneration for identified staff as set out in Annex II and Annex III of the Guidelines on benchmarking exercises on remuneration practices and the gender pay gap, and
- information on derogations, as specified in Annex IV of the Guidelines on benchmarking exercises on remuneration, practices, and the gender pay gap.
The remuneration data, i.e. Annex I to IV, as mentioned above, of the Guidelines on benchmarking exercises on remuneration practices and the gender pay gap, for the financial year ending in 2022, should be submitted by CIFs to CySEC by 31 August 2023.
CIFs, regarding gender pay data, should by 15 June every three years, starting from 2024, submit to CySEC, with regard to the financial year 2023, the information set out in Annex V of the Guidelines on benchmarking exercises on remuneration practices and the gender pay gap.
The aforementioned Annexes can be found in the Directive (EU) 2019/2034 (EBA/GL/2022/07).
Regarding high earner’s data collection, CIFs should submit to CySEC, the Annexes of Directive (EU) 2019/2034 (EBA/GL/2022/08), each year for any given financial year by 15 June of the next calendar year. CySEC highlights that the high-earners data for the financial year ending in 2022 should be submitted by CIFs by 31 August 2023.
However, where a CIF does not have high earners to report, it is not necessary to submit this information, unless explicitly required by CySEC.
Finally, the benchmarking data, gender pay gap data, and high-earners data should be submitted to CySEC through CySEC’s Xbrl Portal only.