In this issue:

- Compensation

- Capital and Prudential Regulation

- Bank Structure

- Financial Services

- Consumer Protection

- Enforcement

- People

- Events

- Excerpt from EBA Report on EU Remuneration Trends:

On 13 June 2014, the European Banking Authority (“EBA”) published a report on remuneration practices across the EU. The report, which is based on data collected on a consolidated basis from 2010 to 2012, illustrates the diversity in quantity and structure of pay across the EU financial sector. The report highlights that practices vary on the deferral of variable remuneration depending on the application of the proportionality principle by Member States and individual firms. The EBA is analyzing an emerging practice on the use of “position or role-based allowances” and intends to provide guidance criteria on the allocation of those elements of pay to either fixed or variable remuneration because it is concerned that the practice may lead to the cap between variable and fixed remuneration being thwarted.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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