UCITS Remuneration Code (SYSC 19E)

Our 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.​

ESMA Guidelines

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. In accordance with Article 16(3) of Regulation (EU) No 1095/2010, the FCA notified ESMA of compliance with all aspects of the Guidelines. The Guidelines were effective from 1 January 2017.

UCITS and existing AIFMD guidance

We do not plan to issue guidance on how to apply the UCITS Remuneration Code. There are many points of correspondence between the remuneration requirements of the UCITS V Directive and AIFMD, and between the ESMA guidelines applicable to each Directive, 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.

Further information and guidance