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EBA issues consultation on range of instruments which can be used for variable pay

FINANCIAL SERVICES

European Banking Authority (EBA) issues consultation on range of instruments which can be used for variable pay

The European Banking Authority has launched a consultation on draft Regulatory Technical Standards (RTS) setting out the types of instruments – bonds, shares etc – which can be used for the purposes of variable remuneration. These RTS will be part of the Single Rulebook aimed at enhancing regulatory harmonisation in the EU. The consultation runs until 29 October 2013.

As Reuters explains (see twitter link below), according to one of the proposals from the European Union's banking regulator, bankers could see part of their bonus wiped out if their employer's capital position falls below certain levels.

Consultation Paper: Draft Regulatory Technical Standards on classes of instruments that are appropriate to be used for the purposes of variable remuneration under Article 94(2) of the Capital Requirements Directive, EBA, 29 July 2013

To submit your comments, click on the “send your comments” button on the consultation page by 29 October 2013.