Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (Text with EEA relevance) (c. 2034)

TITLE IV U.K. PRUDENTIAL SUPERVISION

CHAPTER 2 U.K. Review process

Section 2 U.K. Internal governance, transparency, treatment of risks and remuneration

Article 31 U.K. Investment firms that benefit from extraordinary public financial support

Member States shall ensure that where an investment firm benefits from extraordinary public financial support as defined in point (28) of Article 2(1) of Directive 2014/59/EU:

(a)

that investment firm does not pay any variable remuneration to members of the management body;

(b)

where variable remuneration paid to staff other than members of the management body would be inconsistent with the maintenance of a sound capital base of an investment firm and its timely exit from extraordinary public financial support, variable remuneration shall be limited to a portion of net revenue.