Brussels, 11/10/2010 (Agence Europe) - On Monday 11 October 2010, the Competitiveness Council formally adopted two financial services directives.
The first item of legislation introduces the first European Union rules restricting the size of bonuses and pension entitlements as a proportion of normal salary (see EUROPE 10171). The new rules make the payment of bonuses dependent on a bank's medium-term performance. The payment of at least 40% of bonuses will be not be paid out until at least...