Planning ahead for EU caps on bankers' bonuses
On 5 March 2013, a political agreement was reached for EU-level regulation to cap bankers’ bonuses.
Given longstanding demands from the European parliament to limit EU bankers’ pay and unhelpful survey data from the European Banking Authority showing that CRD3 had not done its job in tackling pay levels, the arrival of a cap in some shape or form was inevitable. British opposition to the proposals was unlikely ever to prompt a U-turn in negotiations.
The reality that bonus cap rules will apply from 2014 onwards - assuming that CRD4 legislation is finally approved - has instilled an understandable sense of urgency into the need for firms to review and amend their remuneration arrangements. So what do we know and are there any clear solutions yet?
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
A new Luxembourg act on the immobilisation of bearer shares and units was published in the Luxembourg Official Gazette on 14 August 2014.
OFAC has issued revised guidance relating to the status of entities owned by individuals or entities whose interests in property are blocked under executive orders.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.