IFD and CRD V are changing remuneration at banks and most investment firms in the UK and EU. IFD requires many firms to defer up to 60% of variable pay, pay 50% of bonuses in shares and operate malus and clawback. CRD V extends the bonus cap to all banks.
The basic rules are now being implemented with guidance, regulator discretions and technical standards, which are still coming together. The UK is now following its own path in some respects.
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