Governance arrangements for remuneration policies
Article 3
1. The management body of issuers of asset referenced tokens and e-money tokens shall carry out all the following tasks: (a) approve and retain ultimate responsibility for the issuer’s remuneration policy; (b) approve any changes to the remuneration policy; (c) seek advice from the remuneration committee where established by the issuer, on the issuer’s remuneration policy. 2. Issuers of asset referenced tokens or e-money tokens shall ensure the following: (a) the implementation of their remuneration policies is subject to a review for compliance with policies and procedures by control functions at least annually; (b) the compliance function and the risk management function, where established, or staff entrusted with the performance of compliance procedures or risk management procedures, the internal audit function, where established, and human resources function provide effective input on the design of the remuneration policies; (c) potential conflicts of interest caused by the pay-out in instruments as part of the variable or fixed remuneration are identified and appropriately mitigated. 3. The review referred to in point (a) of paragraph (2) may be outsourced to an external party.