Prudential Regulation Authority Rulebook

2.1

Subject to 2.2 to 2.4, a firm must apply the remuneration requirements in relation to:

1. (1) remuneration awarded, whether pursuant to a contract or otherwise, on or after 1 January 2011;
2. (2) remuneration due on the basis of contracts concluded before 1 January 2011 which is awarded or paid on or after 1 January 2011; and
3. (3) remuneration awarded, but not yet paid, before 1 January 2011, for services provided in 2010.

2.2

[Deleted]

2.3

A firm must apply 15.17(1)(b) and (c), 15.20(2), (3) and (4), 15.23 and 16.1(3) in relation to remuneration awarded in relation to a performance year starting on or after 1 January 2016.

2.4

A firm must apply 15A.2 to 15A.11 in relation to any buy-out agreed into on or after 1 January 2017.

2.5

Subject to 2.7 and 2.8 a firm must apply this Part to remuneration awarded in respect of a performance year starting on or after 29 December 2020.

2.6

A firm must apply this Part in accordance with 2.1 to 2.4 as it applied under those rules as of 28 December 2020 to remuneration awarded in respect of a performance year starting before 29 December 2020.

2.7

Subject to 2.8, for remuneration awarded in respect of a performance year starting on or after 29 December 2020 a firm must apply this Part in accordance with the definition of higher paid material risk taker in 1.3.

2.8

For remuneration awarded in respect of the first performance year starting on or after 29 December 2020, and where:

1. (1) the remuneration has been paid or vested before 23 July 2021, or
2. (2) the firm has before 23 July 2021 created an obligation to pay or vest the remuneration before 23 July 2021

a firm may instead apply this Part to that remuneration on the basis of the definition of higher paid material risk taker which was set out in 1.3 on the earlier of:

1. (a) the date the remuneration was paid or vested; or
2. (b) the date the firm has created the obligation to pay the remuneration or for the remuneration to vest.