MIFIDPRU 8 Disclosure
MIFIDPRU 8 Disclosure Financial Year Ended 31 December 2022
Abbott Capital (Europe) Limited (“Abbott Europe”) is a UK investment firm undertaking activities within the scope of the UK Markets in Financial Instruments Directive (“MIFID”). As such it is subject to the prudential requirements of the Investment Firms Prudential Regime (“IFPR”) contained in the MIFIDPRU Sourcebook of the Financial Conduct Authority (“FCA”) Handbook and the disclosure requirements outlined in MIFIDPRU 8. Under FCA rules Abbott Europe is categorised as a small non-interconnected (“SNI”) MIFIDPRU investment firm and such firms have very limited disclosure that they are required to make.
Basis of Disclosure
This disclosure for Abbott Europe is prepared at least annually on a solo entity (i.e. individual) basis. The disclosed information is proportionate to Abbott Europe’s size and organisation, and to the nature, scope and complexity of its activities.
In accordance with the provisions of MIFIDPRU, Abbott Europe is currently required to provide disclosure solely on its Remuneration Policies and Practices in accordance with MIFIDPRU 8.6.
Significant Changes Since Prior Disclosure
In accordance with when the provisions of MIFIDPRU were first applied to Abbott Europe, this is Abbott Europe’s first such disclosure and therefore there are no significant changes to prior disclosures which require to be set out here.
Disclosures under MIFIDPRU 8.6
- Risk profile of the firm: Abbott Europe is an investment advisor/arranger. Its regulatory permissions do not allow it to risk its own capital in the financial markets. As such the performance of the firm is based on its share of the management and performance fees received from clients of its parent.
- Material risk takers: As an SNI firm Abbott Europe does not have any material risk takers as defined by SYSC19G.1.1R.
- Link between pay and performance: Abbott Europe has a small number of employees who are paid fixed remuneration and bonuses in line with the performance of the firm and their own contributions. The firm is run by the directors.
- Decision-making process for determining remuneration: Any decision on the distribution of profits is made after assessing the forward-looking capital requirements of the firm which may limit the ability of the firm to distribute all of the profits made. Remuneration is not based on the age, religion, gender, sexual orientation, ethnicity, or disability of any member of staff.
- Split Between Fixed and Discretionary Components – given the small headcount of the firm any such disclosure would risk the identification of the payments made to specific individuals and on that ground no such disclosure is made.
- Quantative Remuneration Disclosures
Given the small headcount of the firm any such disclosure would risk the identification of the payments made to specific individuals and on that ground no such disclosure is made.