FSA Bonus Rules
Hedge Funds to Meet with FSA over Bonus Rules
With financial authorities moving closer deciding how they will control remuneration at thousands of hedge funds in Great Britain, an industry association is lobbying to contain the new regulations to what it deems “appropriate” levels.
The Financial Services Authority, under the impetus of a new European Union directive, is currently in consultation with market participants over the ultimate implementation of the pay law.
The agency’s feedback period will close October 8, with a decision set to be issued in November, as officials attempt to gauge how provisions in the new regulation should be applied to financial firms according to their size, complexity and risk types.
The Alternative Investment Management Association, which has almost 1,200 corporate members worldwide, said Tuesday that it would be meeting with the regulatory agency to push for “an appropriate and proportionate regime.”
“The original justification by global leaders for action on remuneration was that a ‘bonus culture’ at large, systemically-important financial institutions had incentivised reckless and short-termist behavior, increasing systemic risk, and creating financial instability,” said Andrew Baker, chief executive of the organization. Source
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