Retroactive effect. Rules on the behaviour of European bankers are beginning to take effect. At the beginning of next year, the rules defining and limiting pay will be legally in force and will be applied retroactively to bonuses paid in 2010. The directive has been approved and the Committee of European Banking Supervisors (CEBS) has published the draft application measures, which are subject to consultation procedure until 8 November (EUROPE 10233).
It does not appear that the banking...