UK set to challenge EU cap on bankers’ bonuses

Author (Corporate)
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Series Details 07.09.14
Publication Date 07/09/2014
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A hearing was held in the European Court of Justice on the 8 September 2014 in the case ECJ C-507/13 United Kingdom v Parliament and Council, in which the UK claimed that the EU exceeded its authority in issues relating to the remuneration of bankers by terms in Directive 2013/36/EU ... on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.

Separately, European Commissioner for the Internal Market and Services Michel Barnier asked the European Banking Authority to speed up the completion of an investigation into allowances for bankers.

Following the nomination of Jonathan Hill as the UK's commissioner for the 2014-2019 EU Commission with the financial services portfolio and an article from the Financial Times in which it was known that Jean-Claude Juncker had withdrawn Mr Hill's powers to regulate financial services pay, EU officials clarified that such decision had been made before his nomination for the job.

Source Link Link to Main Source http://www.bbc.co.uk/news/business-29099359
Related Links
ESO: Background information: Britain sues EU over banker bonus cap http://www.europeansources.info/record/britain-sues-eu-over-banker-bonus-cap/
Reuters, 08.09.14: EU's Barnier seeks result of probe into banker allowances by end of September http://uk.reuters.com/article/2014/09/08/uk-eu-banks-bonuses-idUKKBN0H20RO20140908
EBA: Regulation and policy: Remuneration http://www.eba.europa.eu/regulation-and-policy/remuneration
EurActiv, 08.09.14: Barnier warning over bankers' 'stealth bonuses' http://www.euractiv.com/sections/euro-finance/barnier-warning-over-bankers-stealth-bonuses-308278
The Guardian, 08.09.14: EU moves to crack down on banks dodging bonus cap http://www.theguardian.com/business/2014/sep/08/eu-crackdown-banks-dodging-bonus-cap
EurActiv, 26.09.14: No EU plan to undermine UK on oversight of bankers' bonuses http://www.euractiv.com/sections/euro-finance/no-eu-plan-undermine-uk-oversight-bankers-bonuses-308749
EUObserver, 27.09.14: UK commissioner deprived of power to oversee bankers' pay http://euobserver.com/news/125785

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