Friday, 22 May 2015
Last updated 52 min ago
Jul 29 2010 | 12:55pm ET
The U.K. Financial Services Authority plans to impose strict bonus rules on the country’s hedge funds, bringing Britain into line with recently-approved European Union restrictions.
The FSA said it would extend bonus rules that already apply to the country’s 27 largest lenders to more than 2,500 firms, including asset managers and hedge funds. Under the proposal, at least half of any variable remuneration must be paid in shares or some equivalent non-cash instruments. In addition at least 40% of bonuses will have to be paid out over three years; if the bonus exceeds £500,000, 60% must be deferred.
It is unclear exactly who will be covered by the new rules. The FSA said that those employees who “have a material impact on a firm’s risk profile” will have their bonuses subjected to the restrictions.
The regulator is welcoming comments on the proposals through October, and plans to implement the new runs on Jan. 1.
The new compensation rules mirror those approved by the EU, but will not be “super-equivalent” to them, the FSA said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…