Banks are looking to clarify new rules on bonus with Brussels amid mounting concerns that the legislation could lead to more requirements for financial institutions, reports the Financial Times.
Under the new EU legislation, the rules on bonuses must be applied across the industry without the possibility of exemptions to individual countries. Smaller banks, brokerages and investment firms might be in for some new requirements too, while major financial institutions will be forced to extend the scope of their rules to cover staff that was once exempted, such as asset management divisions.
