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(1)The Treasury may make provision by regulations about the preparation, approval and disclosure of executives' remuneration reports.
(2)An executives' remuneration report is a report containing information about—
(a)the remuneration of relevant executives of an authorised person, or
(b)anything connected with the remuneration of relevant executives of an authorised person.
(3)The following are relevant executives of an authorised person—
(a)officers of the authorised person,
(b)employees of the authorised person who fall within a prescribed description, and
(c)other individuals who have a prescribed connection with the authorised person.
(4)The individuals who may fall within subsection (3)(c) include any description of—
(a)individuals who provide services, or whose services are provided (directly or indirectly), to the authorised person, or
(b)individuals who are officers or employees of a member of the same group as the authorised person.
(5)Regulations under this section may apply in relation to a prescribed description of authorised person.
(6)Regulations under this section are subject to affirmative resolution procedure.
(1)Regulations under section 4 may, in particular, make provision as to—
(a)the information that must be contained in an executives' remuneration report,
(b)how information is to be set out in the report, and
(c)what is to be the auditable part of the report.
(2)The information that may be required to be contained in an executives' remuneration report includes—
(a)information corresponding to information that could be required by regulations under section 421 of the Companies Act 2006 to be contained in a directors' remuneration report, and
(b)information comparing the remuneration of relevant executives of an authorised person with the remuneration of employees of the authorised person who fall within a prescribed description.
(3)Regulations under section 4 may, in particular, make provision —
(a)for the filing of executives' remuneration reports with the registrar of companies for any part of the United Kingdom or with the FSA, and
(b)for the publication by the FSA of reports filed with it.
(4)Regulations under section 4 may apply any provision made by or under the Companies Act 2006 relating to directors' remuneration reports, subject to such exceptions, adaptations and modifications as the Treasury consider appropriate.
(5)The provisions that may be applied include provisions creating offences; but the regulations may not impose a liability for an offence which is more onerous than the liability for the offence under the applied provision.
(6)Regulations under section 4 may provide that any requirement imposed on an authorised person by the regulations is to be treated for the purposes of prescribed provisions of the Financial Services and Markets Act 2000 as if it had been imposed on the person by a provision of that Act.
(7)For the purposes of section 4 and this section—
“” has the same meaning as in the Financial Services and Markets Act 2000 (see section 31),
“the FSA” means the Financial Services Authority,
“group” has the same meaning as in the Financial Services and Markets Act 2000 (see section 421),
in relation to a partnership, means a partner, and
in relation to a body corporate whose affairs are managed by its members, means a member, and
“prescribed” means specified in, or determined in accordance with, regulations under section 4.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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