Just when bankers thought it might be safe to put a tentative toe back into the dinner party circuit, one of the UK’s new financial regulators has to go and publish a consultation paper on pay to remind fellow guests of just how loaded they are. Law firm Nabarro looks at recent Prudential Regulation Authority proposals to extend its remuneration code. Under the beefed-up rules, all PRA-supervised firms would be required to include in employment contracts clawback provisions for the bonus element of pay packages. If adopted, the rule could bite from the beginning of 2015. Meanwhile, bankers still seem to have some friends in Whitehall. Nabarro points out that the British government is fighting a rearguard battle with the EU over a Brussels-proposed bonus cap. Ministers claim the cap was introduced without any assessment of its impact and will undermine other recent moves regarding financial sector pay. Back at that dinner party, bankers are passing the port and hoping for the best. Click here for more information.
The French value their privacy. Former president Francois Mitterrand had a long-standing affair – and almost a second life – with art historian Anne Pingeot that was well known in journalistic circles but not revealed for years. So it is no surprise that the country’s Data Protection Authority (known as the CNIL) is beefing up inspection targets. This year it aims to conduct 550 inspections, a 33 per cent rise on its figure for 2013. Our correspondents at law firm DLA Piper say CNIL’s priorities for 2014 include assessing personal data gathering techniques of internet social networks, online payment processing, including anti-fraud measures and banking data retention, management of personal data breaches by electronic communications service providers and the national database of household credit repayment defaults. Click here for more information.
Pit a trendy, young upstart British company against a massive German discount supermarket and you’ve got the makings of a potentially cracking high court intellectual property tussle. The Saucy Fish Co – which was launched four years ago, is on this year’s list of Britain’s ‘CoolBrands’ and has annual revenue of £35m – is taking on the €53bn chain over an alleged lookalike breach of its branding. Our commentator from Wragge Lawrence Graham & Co says details of the claim are shrouded in mystery, but the very fact that a brand owner is suing a large retailer is relatively novel. The firm points out that an interesting feature of the case is that Aldi did not stock The Saucy Fish Co’s products when the claim was brought. Therefore, the saucy ones ‘may have considered there to be a lower risk from a commercial relationship point of view’. Click here for more information.
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