Pillar 3 Disclosure Requirements for Renumeration

The Global Financial Markets Association (GFMA) provides comments to the Basel Committee on Banking Supervision (BCBS) on the Consultative Document regarding Pillar 3 disclosure requirements for renumeration. GFMA shares the G-20 view that the compensation structure of financial institutions should be appropriately aligned with proper risk management practices. GFMA does not believe that the proposals made in the Consultative Document are appropriate or that they would be an effective risk management tool, given the significant work already done by legislative and regulatory bodies in this area.

GFMA joins together some of the world’s largest financial trade associations to develop strategies for global policy issues in the financial markets, and promote coordinated advocacy efforts. GFMA currently has three members: the Association for Financial Markets in Europe (AFME), the Asia Securities Industry & Financial Markets Association (ASIFMA), and, in the United States, SIFMA.