News & Analysis as of

ESMA Publishes Final UCITS Remuneration Guidelines and Final Amendments to the AIFMD Remuneration Guidelines

Key Points - - ESMA’s UCITS Remuneration Guidelines will apply from 1 January 2017 (subject to certain transitional provisions). - They will affect UCITS Managers and delegates of UCITS Managers conducting...more

Senate Bill Targets Part D DIR Fees

Just last month the “Improving Transparency and Accuracy in Medicare Part D Spending Act” was introduced in the Senate to amend the Social Security Act. The bill seeks to prohibit Part D plans (and their contracted pharmacy...more

Copyright: Europe Explores Its Boundaries - Digital Single Market Update: The European Commission’s Proposal to Modify and...

Copyright reform is a key part of the European Union’s package of measures designed to create a Digital Single Market (DSM) in the EU. The European Commission’s view is of nothing less than a modernisation of EU copyright...more

Corporate and Financial Weekly Digest - Volume XI, Issue 39

SEC/CORPORATE SEC - Staff No Longer Requires “Tandy” Representations in Filing Reviews - On October 5, the staff (Staff) of the Securities and Exchange Commission announced that, effective immediately, a company...more

UK Regulators Consult on Compensation Guidance

The Prudential Regulation Authority and the Financial Conduct Authority published proposed revised guidance on remuneration, principally to bring their guidance into line with the European Banking Authority's Guidelines on...more

UK Prudential Regulation Authority Publishes Final Rules for Buy-Outs of Variable Remuneration

The Prudential Regulation Authority published a Policy Statement and final rules on buy-outs of deferred variable remuneration, i.e., where a firm compensates a new employee for deferred variable remuneration not received...more

The new bank resolution scheme: The end of bail-out?

State aid rules remain one of the decisive factors in dealing with distressed bank situations. But uncertainty remains over whether governments should be able to intervene and rescue banks in danger of failing. State aid...more

Loi Travail : sécurisation des forfaits jours

Labour law provides a number of adjustments to secure, now, annual annual working days in relation to the case raised requirements in recent years. 1. On 10 August 2016, new clauses must be provided by enterprise...more

UK Employment Law Round Up - September 2016, Volume 1, Issue 9

In this issue, we look at whether a job applicant can gain protection under the Framework and Equal Treatment Directives if the purpose of the application is to gain the status of someone who can make a claim to gain...more

The Oman Update - 1161

Amending certain provisions of the rules and conditions for the election of members of boards of directors of public joint stock companies, and the provisions relating to their responsibilities (issued by MD 137/2002)....more

Re-writing the copyright rulebook: analysing the European Commission’s copyright reform proposals

More than a year after the Commission announced its Digital Single Market (DSM) Strategy, the Commission continues to press ahead in delivering concrete proposals. The latest – and arguably most significant yet – are its...more

ESMA Publishes Guidelines for UCITS V Remuneration Policy

The guidelines, which apply from 1 January 2017, seek to clarify the concepts of disclosure, governance, and risk alignment in respect of remuneration; in advance of this date, non-EU investment managers of UCITS should...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19496 - Commission on Human Rights & Opportunities v. Echo Hose Ambulance - The issue of this case was whether or not an unpaid volunteer, in this case for an ambulance...more

Double Check those Bonus Plans!

The Ontario Court of Appeal’s decision in the case of Paquette v. TeraGo Networks Inc. should have all employers running to double-check and possibly amend their bonus plans.  A further case released on the same day by the...more

The Financial Report, Volume 5, Number 15 (Global)

Discussion and Analysis - I’ve been glued to my TV and my computer watching the “Games of the Thirty-First Olympiad in Rio de Janeiro.” Although the coverage, of course, focuses substantially on US athletes, NBC and...more

Blog: Solvency II Remuneration Requirements – PRA adopts new Supervisory Statement

The UK’s Prudential Regulation Authority has adopted and published a new Supervisory Statement: “SS10/16 Solvency II: Remuneration requirements“. Solvency II (re)insurers are already: - (actually) obliged to comply...more

Massachusetts Legislature Enacts Significant Energy Bill in Support of Offshore Wind and Hydro Procurement, Storage and...

Late last night, the Massachusetts legislature enacted House Bill 4568, an act to promote energy diversity (the “Act”). Overall, the Act marks a compromise between the House’s original procurement-only legislation and the...more

Unpaid Volunteers Are Not “Employees”, Says Court

The CHRO is no stranger to taking aggressive positions in the court system. So, it can really be no surprise that the agency wanted to expand who is covered by the state’s anti-discrimination laws....more

Tadjudin Sunny vs. Bank of America National Association - implied term of anti-avoidance

In 2007, the Bank terminated an Analyst in its Distressed Debt Trading Group by payment in lieu of notice, following completion of a Performance Improvement Plan (PIP). She was not awarded any bonus on her departure. The...more

Nasdaq Adopts “Golden Leash” Director Compensation Disclosure Requirement

The Nasdaq Stock Market LLC (Nasdaq) has adopted a new rule that will require each Nasdaq-listed company to publicly disclose compensation or other payments by third parties to any current director or nominee for director in...more

Financial Services Quarterly Report - Second Quarter 2016: Effects of UCITS V Transposition into Luxembourg Law

The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more

Determing remuneration of insolvency practitioners

Having performed their work, insolvency practitioners frequently find their claims for remuneration disputed by the creditors of the insolvent company. This tension is due to a clash of interests: creditors hope to obtain as...more

Proposed German Equal Pay Act May Complicate Remuneration Issues

Statistics reveal a difference of 7 percent between the remuneration paid to men and that paid to women with the same qualifications in Germany. The average hourly wage even shows a difference of 22 percent, making pay...more

Bill 186: Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016, Introduced

On April 14, 2016, the Ontario government introduced the Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016, as Bill 186 (Bill or Act) in the Ontario legislature. The government...more

UK Financial Regulatory Developments - April 2016 #12

Basel Committee reports on adoption of the Basel framework - The Basel Committee has published its tenth progress report on adoption of the Basel III regulatory framework as part of the Committee’s regulatory consistency...more

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