Implementation of the Principles for Sound Compensation Practices and their Implementation Standards (P&S) is now essentially completed, although several jurisdictions continue to refine their regulatory framework or guidance on compensation practices. Authorities assess the level of implementation by significant banks in their jurisdiction as medium - high, with notable improvements in the governance frameworks for compensation and in the ex ante risk adjustment of compensation to reflect risk-taking. Some implementation challenges remain, and more work is needed to ensure the implementation of the P&S is effectively leading to more prudent risk-taking behaviour.