Tougher curbs on remuneration in Dutch financial sector (including a 20% bonus cap) now proposed to parliament

Further to our Alert of 28 November 2013, we can report that the relevant legislative proposal introducing further and substantive restrictions on remuneration in the Dutch financial sector (the "Legislative Proposal") was recently submitted to the Dutch parliament.

The Legislative Proposal (in Dutch: Wet beloningsbeleid financiële ondernemingen, the Act on remuneration at financial undertakings) contains no material amendments to its consultation form, despite clear criticisms expressed during the consultation phase that preceded its submission to parliament.

To read more about the Legislative Proposal, please click here for details and FAQs on the new rules and their scope in general and on the 20% bonus cap and proposed maximum severance payment in particular.

We will continue to closely monitor the Legislative Proposal and keep you abreast of relevant developments as they appear. In the meantime, please contact us if you have any queries.