PRA and FCA plans to remove the bankers’ bonus cap requirements have been accelerated, giving banks flexibility to depart from a strict regulatory cap with immediate effect....more
The PRA and FCA have announced that the U.K. will be removing the bonus cap for individuals working in U.K. banks. The U.K.’s remuneration rules for the banking and financial services sector were introduced in the wake of...more
"Clawback clauses" state that employees must refund all or part of their variable bonus if it is determined that the bonus should not have been paid out in the first place. ...more
On 21 December 2015 the European Banking Authority (“EBA”) published its final guidelines on sound remuneration policies (the “Guidelines”), together with its opinion on proportionality (the “EBA Opinion”)....more
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
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
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
The European Banking Authority (EBA) published a list of responses received to its May 2013 consultation paper on draft regulatory technical standards on criteria to identify categories of staff whose professional activities...more