European Guidance

UK: A guide to the PRA’s proposals on the Solvency II remuneration rules

The PRA has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance).  The Draft Guidance is, in certain respects, materially more onerous than may have been expected.  In particular, it … Continue reading

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Filed under European Guidance, Insurance, PRA, Remuneration

Final EBA Guidelines published: EBA continues to propose extending the bonus cap to all CRDIV firms

The European Banking Authority has published the final version of its updated guidelines on the CRDIV remuneration requirements.

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Filed under Banking, EU, European Guidance, European Regulation, Remuneration

EU: ESMA disagrees with the EBA on proportionality: guidelines on remuneration under UCITS V are published for consultation

On 23 July 2015, the European Securities and Markets Authority (“ESMA”) published its draft guidelines on the implementation of the UCITS V remuneration principles for consultation.  In the consultation, ESMA’s approach to the application of proportionality differs from that of the European Banking Authority (EBA) … Continue reading

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Filed under EU, Europe, France, Germany, Italy, Remuneration, Spain

EU sanctions update: Russia

Our latest briefing summarises recent developments in the EU’s sanctions imposed against Russia.  In particular, we provide an overview of (a) new measures relating to Crimea and Sevastopol and (b) new European Commission guidance on certain of the financial sector … Continue reading

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Filed under Corporate Crime, European Guidance, European Regulation, Russia, Sanctions and Money Laundering

Solvency II Trilogue discussions conclude – so what happens now?

Earlier today, it was announced that yesterday’s trilogue discussions on the Omnibus II Directive (Omnibus II) had finished in agreement.  The announcement puts to rest recent uncertainty about the future of the Solvency II Directive and sets in train a timetable … Continue reading

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Filed under EU, Europe, European Guidance, Insurance, PRA

Bonus cap: PRA and FCA announce details of UK implementation

The Prudential Regulation Authority and the Financial Conduct Authority have each announced their proposed approach to the UK implementation of the cap on variable remuneration, being introduced by the amended capital requirements directive (CRD IV).  The consultation documents give much … Continue reading

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Filed under EU, FCA, PRA, Regulatory Reform, Remuneration, UK

Problem, process and prognosis: the legal challenge to the EU Bonus Cap

Yesterday afternoon it was announced that the UK Government has launched a legal challenge in the Court of Justice of the European Union against the cap on variable remuneration introduced by the new capital requirements directive (“CRD IV”).  Although this may … Continue reading

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Filed under EU, Europe, European Regulation, France, Italy, Remuneration, UK, UK Government

EU: First appeal decision of the joint Board of Appeal of EBA, ESMA and EIOPS

Last month, the joint Board of Appeal of the European Supervisory Authorities (the Appeal Board) published its first decision allowing an appeal brought by an Estonian company, SV Capital OU (“the customer”) against the European Banking Authority (EBA).  The case arose following … Continue reading

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Filed under Estonia, EU, Europe, European Guidance, European Regulation, Finland, Uncategorized

Solvency II – “an object lesson in how not to make law”

Andrew Tyrie MP (Chairman of the Treasury Committee) recently described Solvency II as “an object lesson in how not to make law”.  In similar vein, Andrew Bailey of the PRA has said that Solvency II is “lost in detail” and … Continue reading

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Filed under EU, Europe, European Guidance, European Regulation, Insurance, JURISDICTIONS, PRA

EU, UK: A new definition of “Code Staff” – key issues and summary of the draft rules

The European Banking Authority (“EBA”) has published draft regulatory technical standards on the definition of Identified Staff (“Code Staff” under the UK Remuneration Code) which, when finalised, will create compulsory rules on classifying Identified Staff.  These standards are intended to … Continue reading

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Filed under Banking, Dubai, Europe, France, Italy, Remuneration, Spain, UK