News & Analysis as of

Remuneration European Union

Luxembourg: CSSF Circular 17/658 - Compliance with the European Banking Authority’s Guidelines on Sound Remuneration Policies

by Dentons on

On 16 June 2017, the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier – CSSF) issued Circular 17/658 addressed to credit institutions and CRR investment firms on the compliance with the European...more

Regulation Round Up - May 2017

by Proskauer Rose LLP on

2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more

Implementation Decree for the Say-on-Pay Provisions of the Loi Sapin II Adopted

by Jones Day on

Adopted on 8 November 2016, the Sapin II Act (Loi Sapin II) introduced a compulsory ex ante vote on remuneration policy and an ex post vote on the amount of remuneration received in accordance with the policy passed the...more

Shareholder Rights Directive: Parliament Resolution at First Reading to Adopt Directive

by Jones Day on

On 14 March 2017, the European Parliament resolved to adopt the Commission's proposal to amend the Shareholder Rights Directive. The amendments approved by Parliament include...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

BaFin Publishes Guidance on Transparency Standards for German Funds - On 4 April 2017, BaFin has published new transparency standards for funds after a BaFin investigation found that some active funds “closely” track...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....more

Governance & Securities Law Focus: Europe Edition - January 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Changes to the Shareholder Rights Directive

by Dentons on

The representatives of the EU Council and EU Parliament have agreed the text of a new EU Directive to strengthen shareholder engagement and increase transparency in listed companies in the EU/EEA....more

European Central Bank Publishes Outcome of Supervisory Review and 2017 Recommendations on Dividends and Variable Remuneration

by Shearman & Sterling LLP on

The European Central Bank published the outcome of its second Supervisory Review and Evaluation Process in 2016 and updated Recommendations on dividend distribution and remuneration policies for 2017. The ECB comments that...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" - The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more

European Banking Authority Responds to Commission Request for Further Information on Application of Proportionality to...

by Shearman & Sterling LLP on

The European Banking Authority published a response to the European Commission’s request for further information on the EBA’s Opinion on the application of the principle of proportionality to remuneration provisions in the...more

Corporate and Financial Weekly Digest - Volume XI, Issue 41

by Katten Muchin Rosenman LLP on

SEC/CORPORATE – SEC Division of Corporation Finance Issues Five Additional C&DIs Relating to Pay Ratio Disclosure Rule – On October 18, the Securities and Exchange Commission’s Division of Corporation Finance...more

European Securities and Markets Authority Publishes Final Guidelines on Remuneration Practices 

by Shearman & Sterling LLP on

The European Securities and Markets Authority published two sets of final Guidelines on Sound Remuneration Policies under the Undertakings for Collective Investments in Transferable Securities Directive and the Alternative...more

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

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

by Morrison & Foerster LLP on

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

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

by White & Case LLP on

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

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

by Dentons on

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

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

by Reed Smith on

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

by Morgan Lewis on

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

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

UK Financial Regulatory Developments - April 2016 #12

by Dentons on

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

UK Financial Regulatory Developments - April 2016 #10

by Dentons on

ESMA updates MAD Q&A - ESMA has published an updated version of its Q&A on the common operation of the Market Abuse Directive (MAD). A new question regarding investment recommendations has been added. (Source: ESMA...more

Financial Regulatory Developments Focus - April 2016

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Corporate and Financial Weekly Digest - Volume XI, Issue 14

BROKER-DEALER - SEC Approves FINRA’s Proposed Expansion of Supplement Schedule for Derivatives and Off-Balance Sheet Items - On April 5, the Financial Industry Regulatory Authority released Regulatory Notice 16-11...more

European Securities and Markets Authority Joins European Banking Authority in Call for Legislative Changes on Application of...

by Shearman & Sterling LLP on

The European Securities and Markets Authority published its final report on Guidelines on the sound remuneration policies under the Units in Collective Undertakings Directive and the Alternative Investment Fund Managers...more

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