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 ultimately result in the cap being overturned, the UK may nonetheless have to implement the provisions in the interim, in which case, those affected will be hoping that the decision of the Court of Justice is reached before the 2015 bonus round when the bonus cap is likely to bite. Continue reading
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