(i)the instruments are issued for the sole purpose of being awarded as variable remuneration and the provisions governing the instrument ensure that any distributions are paid at a rate which is consistent with market rates for similar instruments issued either by the investment firm or by investment firms or institutions of comparable credit quality and which in any case is, at the time the remuneration is awarded, no higher than 8 percentage points above the annual average rate of change for the Union as published by the Commission (Eurostat) in its Harmonised Indices of Consumer Prices published pursuant to Article 11 of Council Regulation (EC) No 2494/95note;
(ii)at the time of the award of the instruments as variable remuneration, at least 60 % of the instruments in issuance were issued other than as an award of variable remuneration and are not held by one of the following or by any undertaking that has close links with one of the following:the investment firm or its subsidiaries;
—the parent undertaking of the investment firm or its subsidiaries;
—the parent financial holding company of the investment firm or its subsidiaries;
—the mixed activity holding company of the investment firm or its subsidiaries;
—the mixed financial holding company of the investment firm and its subsidiaries.