UCITS Remuneration Code (SYSC 19E)

The UCITS Remuneration Code (SYSC 19E) applies to management companies of undertakings for collective investment in transferable securities (UCITS).


A UK UCITS management company should apply the remuneration principles in the UCITS Remuneration Code to awards of variable remuneration relating to its first full performance year starting on or after 18 March 2016.​

European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD on 31 March 2016. We notified ESMA of compliance with all aspects of the Guidelines. 

In Brexit: our approach to EU non-legislative materials, we explain how we expect firms to continue to apply guidelines to the extent that they remain relevant. 

UCITS and existing AIFMD guidance

We haven’t issued guidance on how to apply the UCITS Remuneration Code. There are many points of correspondence between the remuneration requirements of the UCITS and AIFMD Remuneration Codes, and between the ESMA guidelines relevant to UK UCITS management companies and UK AIFMs, which firms may want to review. 

UCITS management companies may find it useful to consider the principles in our existing AIFMD guidance to understand our expectations for their remuneration policies and practices.

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