UK: FSA issues final form remuneration code

On Friday 17 December 2010, the FSA issued its revised Remuneration Code (the "Code") containing its interpretation of the remuneration principles contained in the amendments to the Capital Requirements Directive ("CRD III"). The FSA Code takes into account a number of the principles set out in the Guidelines issued by the Committee of European Banking … Read more

UK: Guidance may require the FSA to reconsider its interpretation of CRD III

The Committee of European Banking Supervisors (“CEBS”) has published its consultation paper setting out guidelines on the implementation of the remuneration provisions contained in the amended Capital Requirements Directive (“CRDIII”).  The consultation paper, ‘Guidelines on Remuneration Policies and Practices’ (the “Guidance”), is subject to consultation until 8 November 2010. This briefing considers certain key aspects … Read more

UK: FSA to apply revised Remuneration Code to 2,500 firms to take account of CRD III

The FSA has published its Consultation Paper setting out proposed revisions to its Remuneration Code to reflect the requirements of the amended Capital Requirements Directive (CRD III) and the provisions of the UK Financial Services Act 2010. The revised Code will apply to all banks, building societies and MiFID investment firms, extending the scope of … Read more

EU agreement to tough restrictions on bonuses

The European Parliament and Council have, this week, announced proposed amendments to the Capital Requirements Directive, aimed to tackle the “excessive and imprudent risk-taking in the banking sector”. The amendments include provisions governing the payment of bonuses to employees of certain EU financial institutions. Read more