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The UK government is challenging the rules on pay in the banking sector in the
Court of Justice of the European Union (CJEU) stating they are not fit for
purpose and will undermine stability in the banking system. Kennedy Masterton-Smith of Norton Rose Fulbright comments on the implications of the challenge to the Capital Requirements Directive IV (CRD4).
FCA and PRA examine legitimacy of stripping bankers of their outstanding bonuses
Financial Times, 8 October 2013: The Financial Conduct Authority(FCA) and the Prudential Regulation Authority are to investigate whether cancelling bankers' outstanding bonuses if their bank is the subject of a government bailout would breach their human rights.
EU courts back UK stance on short selling
Financial Times, 13 September 2013: The advocate-general’s (AG) advice to the Court of Justice of the European Union has sided with the UK and favoured stripping the European Securities and Markets Authority of its power to ban short selling in emergencies. Although the opinion is non-binding, usually the court's judges concur with the AG.
Why does the UK feel the need to resort to legal challenge?
The government announced on 25 September 2013 it had lodged a legal challenge with the CJEU on new EU rules on pay in the banking sector, which are contained within new EU legislation governing the amount and types of capital that banks must hold. The legislation is referred to as CRD IV, the name given collectively to EU
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