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