Identified Staff and Prompt Payment Code: Difference between pages

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''EU.''
(PPC).


Term applied to staff whose professional activities have a material impact on the risk profile of the institution (credit institutions and investment firms).
Prompt payment of suppliers is encouraged or required by a number of initiatives.  


To ensure that such staff's remuneration is consistent with sound and effective risk management and provide an incentive for prudent and sustainable risk taking, provisions are set out in Articles 92-94 of the [http://ec.europa.eu/finance/bank/regcapital/legislation-in-force/index_en.htm Capital Requirements Directive IV] (CRD IV).  
Examples include the UK’s voluntary Prompt Payment Code and the EU’s mandatory Late Payment Directive 2011/7.


This Regulatory Technical Standard came into force in 2014 as the [http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.167.01.0030.01.ENG Delegated Regulation with regard to Identified Staff].


The UK introduced similar provisions in 2010 but uses the term 'Code Staff'.
As an example, signatories to the UK Prompt Payment Code undertake to pay suppliers within a maximum of 60 days (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain.


The UK Prompt Payment Code is administered by the Chartered Institute of Credit Management (CICM).


==See also==
* [[Code Staff]]
* [[Regulatory Technical Standard]]


[[Category:Compliance_and_audit]]
Similar codes and legislation have been implemented in a number of jurisdictions.
 
 
== See also ==
*[[Chartered Institute of Credit Management]]
*[[Credit]]
* [[Norm]]
*[[Open account]]
*[[Payment practices reporting]]
*[[PPC Compliance Board]]
*[[Small Business Commissioner]]
 
 
==External link==
*[https://www.smallbusinesscommissioner.gov.uk/ppc/ Prompt Payment Code - Small Business Commissioner]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Cash_management]]
[[Category:Liquidity_management]]

Revision as of 02:53, 25 December 2021

(PPC).

Prompt payment of suppliers is encouraged or required by a number of initiatives.

Examples include the UK’s voluntary Prompt Payment Code and the EU’s mandatory Late Payment Directive 2011/7.


As an example, signatories to the UK Prompt Payment Code undertake to pay suppliers within a maximum of 60 days (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain.

The UK Prompt Payment Code is administered by the Chartered Institute of Credit Management (CICM).


Similar codes and legislation have been implemented in a number of jurisdictions.


See also


External link