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Hedge fund law will damage City

July 7, 2010 : Permanent Link

CityAM – Yesterday, the EU parliament delayed its plans to vote through amendments to the Capital Requirements Directive concerning bankers’ remuneration until September. The directive is expected to implement bankers’ pay reforms that will take effect in January 2011. The main change it is planning is that only 30 per cent of any bonus (20 per cent for “larger bonuses”) may be payable immediately and in cash with the remainder to be deferred for three to five years. At least half of the total bonus will have to be paid in shares or other securities linked to the institution’s performance. The rules will apply to senior management, risk takers and those with equivalent remuneration.

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