By Tamsin Rickard, King & Wood Mallesons
The interpretation of staff remuneration rules for banks and certain investment firms across Europe looks set to be clarified, following a new opinion from the European Banking Authority (the “EBA”) which was published on 21 December 2015.
The opinion relates to the so-called “proportionality principle” under CRD IV, the EU legislation which, amongst other things, sets out requirements in relation to staff remuneration for banks and certain investment firms. CRD IV strengthened and revised its predecessor (CRD III) in response to the financial crisis.
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