Since 1 January 2014, the EU’s Capital Requirements Directive (CRD)1 has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent...more
On 15 October 2014 the European Banking Authority (“EBA”) issued a report on the use of role-based fixed allowances by various financial institutions within the European Union (“EU”) affected by the EU bonus ratio cap....more
Welcome to the sixth issue of Spotlight on Belgium, the publication through which DLA Piper’s Belgian team brings you up-to-speed with the latest legal updates. And as we are freshly out of the holiday period – it may not...more
On October 7, the European Securities and Markets Authority (ESMA) published a guidelines compliance table relating to its guidelines on remuneration policies and practices under the Markets in Financial Instruments Directive...more
OIG Proposed Rule to Expand Safe Harbors under the Anti-Kickback Statute and Exemptions under Civil Monetary Penalties Law -
The Department of Health and Human Services, Office of Inspector General (OIG) released a...more
On September 22, the UK Prudential Regulation Authority (PRA) issued a joint consultation paper with the Financial Conduct Authority (FCA) on data collection on remuneration practices under the Capital Requirements Directive...more
Over the 2014 AGM season, there was much media attention on the so-called ‘Shareholder Spring’. We have analysed the shareholder votes on resolutions to approve directors’ remuneration reports and remuneration policies during...more
The RF Central Bank reconsidered the remuneration system of bank employees such that their remunerations will depend on the financial results of the bank’s activity. The RF Central Bank instruction No. 154-? (the...more
In this issue:
- Recovery & Resolution
- Bank Prudential Regulation and Regulatory Capital
- Financial Market Infrastructure
- Financial Services...more
Ameritox won the latest volley of an ongoing legal battle with Millennium when a federal jury in Florida awarded it $14.75 million on June 16, 2014. Ameritox persuaded the jury that Millennium’s free point of care test (POCT)...more
In this issue:
- Capital and Prudential Regulation
- Credit Ratings
- Financial Services
When is an unpaid volunteer considered an “employee” and thus able to sue for discrimination or retaliation under the Connecticut Fair Employment Practices Act (“CFEPA”)? The answer: when the volunteer receives remuneration...more
In Lock v British Gas Trading Limited, the ECJ decided that where an employee's remuneration includes commission, the employee's holiday pay should include the commission that would have been generated...more
On 13 May 2014 the District Court of Berlin (16 O 75/13) rejected a claim brought by a songwriter and a composer against a collecting society’s payout to music publishers. The claim was directed at a declaratory judgment that...more
The Minister of Finance has prepared a draft amendment to the Banking law.
The amendment is intended to implement the CRD IV (Directive 2013/36/EU of June 26, 2013) and CRR Regulation (Regulation No 575/2013 of June...more
Recent disputes and controversies involving Chinese subsidiaries of foreign pharmaceutical companies have sounded warning bells on legal and ethical issues regarding participation in China’s rapidly growing and evolving...more
The proposal covers shareholder votes on remuneration policies and related party transactions and greater transparency obligations on certain market participants.
The European Commission (EU Commission) recently...more
European lawmakers have reached agreement on amendments to the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive, which regulates the management and marketing of EU mutual funds. These...more
In a cutting-edge decision, the federal 6th Circuit Court of Appeals has ruled that an exclusion barring coverage for an insured’s liability for “disgorgement” of “remuneration” or “advantage” is limited to “acquiring” funds...more
This alert will be of interest to FCA-authorised investment management firms that are registering, or are currently considering registering, as alternative investment fund managers (“AIFMs”).
The HHS Office of Inspector General (OIG) recently issued a favorable Advisory Opinion (No. 14-01) regarding a contractual arrangement under which a placement agency receives a per-resident fee for referring new residents to...more
German management companies (KVGs, formerly known as KAGs) that manage alternative investment funds (AIFs) within the meaning of the Alternative Investment Fund Managers Directive (AIFMD) are considered to be alternative...more
In Germany, remuneration of managers in general has increasingly come into public and political focus.
Over the last years, the German legislator enacted several law reforms concerning managers’ pay. Very recently, the...more
The Hong Kong International Arbitration Centre (HKIAC) Administered Arbitration Rules 2013 align the jurisdiction with international best practices.
The HKIAC has updated its popular rules for administered...more
Updates for UK listed and regulated companies on incoming “say on pay” rules, the UK challenge to the EU “bonus cap” and new guidance on AIFMD remuneration rules.
This Client Alert summarises three key developments...more
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