Bank / Traders : France attempts to limit jackpot’s traders, good luck !

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Bonus : France restricts bank bonuses

Following the release Friday, December 17, the official journal of a decree transposing EU Directive on control of banking bonuses, Christine Lagarde reiterated on Sunday the position of France to strengthen the rules on bonuses awarded to traders.

The enormous sums given to traders to the leaders of [a [bank] has] in Europe, are accused of involvement in the financial crisis. Between scandals and controversies, traders’ bonuses shock. The supervisory authority may require banks to modify their compensation policy if it is not "consistent with sound risk management," she said. There was an urgent need to legislate the system.

To make a certain ethical practices in the European Parliament to set up in July 2010, measures to limit abuse. France, which had been the first country to implement the regulatory measures for adopting a bonus arrested in November 2009, finalizing the project.

The Minister of Economy said in a statement that the decree "adapts the existing regulatory framework, resulting from the decree of November 3, 2009 and supplemented by professional standards adopted by the French Banking Federation (FBF) and French Association of Financial Markets (AMAFI).

Supervised bonuses : what will change ?

Now the payments of a portion of funds allocated for bonuses, at least 40% and 60% for higher wages, will be spread over time to a minimum of 3 years.

Over half the variable compensation should be paid in the form of financial instruments (shares or equivalents). "The supervisory authority may require banks to modify their compensation policy if it is not" consistent with sound risk management, "concluded Christine Lagarde.

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