FSA Opens Consultation On EU Bonus Curbs

Mar 20 2013 | 12:20pm ET

British regulators yesterday began the process of imposing the European Union's new hedge-fund bonus rules in the U.K.

The Financial Services Authority launched a consultation period on the Alternative Investment Fund Managers Directive's rules for bonuses. The EU law requires hedge funds to defer a significant portion of a managers' bonus over several years, and to pay at least half of bonuses in equity-linked instruments related to a manager's fund.

Britain has until July to add the EU rules to its own. The consultation closes on May 10.

The FSA will not see the conclusion of the matter: The regulator will be broken up at the end of the month, with its powers split between the Bank of England and the new Financial Conduct Authority.

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