On July 20, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-25, amending its Codes of Arbitration Procedure for Customer and Industry Disputes. These amendments will apply certain minimum fees where associated persons (or those acting on their behalf) request that customer dispute information be expunged from Central Registration Depository (CRD). These minimum fees
Council of the EU has Adopted CRR II Regulation and CRD V Directive at First Reading
Posted in EU Developments, Financial Markets
On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the Council of the EU and the European Parliament in December 2018 on proposed revisions to CRD IV and CRR (as reported in the December 7, 2018 edition of the Corporate & Financial Weekly Digest).
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Provisional Political Agreement Reached on CRR II Regulation and CRD V Directive
Posted in EU Developments, Financial Markets
On December 4, the European Parliament published a press release announcing that it reached provisional political agreement with the Council of the European Union on the proposed revisions to the Capital Requirements Regulation (CRR), or CRR II, and to the Capital Requirements Directive (CRD) IV, or CRD V. The European Parliament also published a separate press release setting out the details of the agreement.
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EU Bonus Cap: EBA Publishes Guidelines on Sound Remuneration Policies and Separate Opinion on Proportionality
By Neil Robson on
Posted in EU Developments
The EU Capital Requirements Directive (CRD) went into effect on January 1, 2014. The CRD introduced what is commonly referred to in the European Union as a “bonus cap” on individual variable remuneration when paid to employees by EU banks and investment firms. Under the CRD, variable remuneration for such individuals is required to be capped at 100 percent of the relevant individual’s fixed remuneration (i.e., a ratio of 1:1 for salary to bonus), or at 200 percent if shareholder approval is obtained (i.e., a ratio of salary to bonus at 1:2).
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