In this issue:

- Regulatory Capital

- Financial Services

- Funds

- Enforcement

- Events

- People

- Excerpt from Regulatory Capital:

EBA Publishes Draft RTS on Bankers' Bonuses -

On 19 February 2014, the European Banking Authority (“EBA”) published final draft Regulatory Technical Standards (“RTS”) on classes of instruments that can be used as variable remuneration. The RTS specify requirements for Tier 1 and 2 instruments and other instruments and define the write-down, write-up and conversion mechanisms for Tier 2 and other instruments. Under the Capital Requirements Directive (“CRD”), firms are required to award at least 50% of the variable remuneration of staff who have a material impact on the firm’s risk profile, in instruments. The instruments must consist of shares, share-linked or equivalent non-cash instruments and, where possible, Additional Tier 1, Tier 2 or other instruments. The draft RTS are subject to endorsement by the European Commission. Once in force, the RTS will apply across the EU. The remuneration requirements under CRD have applied since 1 January 2014.

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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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