Asset Management

Regulators stick to their guns on bonus cap

European Banking Authority dashes hopes of a reprieve for asset managers and smaller banks, but leaves door open for specific exemptions from some of the rules' detailed requirements

Monday 21 December 2015 at 06:41

The European Commission's offices
The European Commission's offices

The European bonus cap is set to apply to thousands of smaller banks, asset managers and broking firms, in a sweeping extension of the EU’s say over financial institutions' pay that dashes hopes of a reprieve from the rules.

The European Banking Authority, in its final guidelines on sound pay policies published on December 21, made clear that "the application of the so-called 'bonus cap' should not be subject to any exemption".