Thematic Peer Review on Compensation

SIFMA and the Remuneration Working Group of the Association for Financial Markets in Europe (AFME) provide comments to the Financial Stability Board (FSB) on the Board’s Principles for Sound Compensation Practices, published in April 2009 and the Principles’ Implementation Standards, published in September 2009. Both associations highlight the immense amount of resources that member firms have diverted from other tasks in order to distil raw compensation-related data into information in the varying formats required by numerous regulators under very short deadlines. Members are making every effort to comply in good faith, but clear signals from regulators, clarification of ambiguity in requests, narrowing of scope of data requested to address specific requirements and clear timetables with adequate timing would greatly facilitate an orderly implementation of the Principles and Standards.