On May 20, 2025, GE BaFin informed of published General Order of May 16, 2025 on Remuneration Notices for Securities Institutions, as of reporting date Dec. 31, 2024.
National supervisory authorities must collect the information referred to in the guidelines from investment firms by Jun. 15, 2025, submit it to EBA by Jul. 31, 2025.
Securities institutions must submit their reports in XBRL format; information on submission and the currently applicable EBA Taxonomy 3.2 is available online.
GE Bafin consulted on a ruling on remuneration notifications for securities institutions.
Follows GE BaFin May. 2024 consulted on securities entities draft decree, see #210843.
Consultation Basis
BaFin issued a new Draft General Order on remuneration notifications by securities institutions at report date of Dec. 31, 2024 and this has been put out for consultation.
It is intended to collect information on remuneration practices of securities institutions.
Since Jun. 2021, institution reporting obligations on remuneration have been regulated by Investment Firm Directive (IFD), implemented in Securities Institutions Act (WpIG).
This includes annual reporting of data on income millionaires in employees of securities institutions and increases in bonus cap, which are reported to EBA via GE Bundesbank.
Various reporting obligations regulated in IFD are further specified by EBA guidelines, and medium and large investment firms and supervisory authorities must have applied certain of the EBA guidelines on remuneration, for the first time from Dec. 31, 2022.
Small securities institutions are not affected by obligations and planned general order.
National supervisory authorities are required to collect the information referred to in the guidelines from investment firms and to transmit it to the EBA by Jul. 31, 2025.
It is planned to incorporate the requirements of the EBA Guidelines into the Securities Trading Act (WpIG) and the Securities Institutions Reporting Ordinance (WpI-AnzV).
However, since this process will extend beyond the aforementioned reporting deadline stipulated by the EBA, GE BaFin plans to issue a new general administrative order.
Previous Consultation
Draft has essentially same content as was consulted in 2024 (Consultation 05/2024).
The change in content is that, in addition to the reporting obligations for total annual remuneration of at least €1mn, large securities institutions must also report approval of an increase in variable remuneration, the so-called bonus cap, by Dec. 31, 2024 .
Effectiveness
Comments on the draft general order can now be sent, by email, until May 8, 2025.
May 2025 General Order Published
On May 20, 2025, GE BaFin informed of published General Order of May 16, 2025 on Remuneration Notices for Securities Institutions, as of reporting date Dec. 31, 2024.
National supervisory authorities must collect the information referred to in the guidelines from investment firms by Jun. 15, 2025, submit it to EBA by Jul. 31, 2025.
Securities institutions must submit their reports in XBRL format; information on submission and the currently applicable EBA Taxonomy 3.2 is available online.
Regulators
GE BaFin
Entity Types
B/D; IA; Inv Co
Reference
PR, 5/20/2025; Order 5/16/2025; CP 10/2025, PR 4/24/2025; EBA/GL/2022/06; EBA/GL/2022/07; EBA/GL/2022/08; IFD/IFR Dir 2019/2034, Reg 2019/2033; WpIG (GE); WpI-AnzV (GE)
