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The Canadian Press - ONLINE EDITION
Following strict bonus cap on bankers' pay, EU lawmakers seek extension to fund managers
BRUSSELS - European Parliament lawmakers are seeking to introduce a limit on the bonuses that investment fund managers can receive.
The draft law approved by the parliament's economic committee follows legislation that limits bankers' bonuses to a maximum of twice one year's base salary.
Leading lawmaker Sven Giegold said Thursday the 6.3 trillion-euro ($8 trillion) fund industry must be regulated in the same way to provide a level playing field.
But unlike the bankers' pay limit, which is set to be voted into law next month after a final agreement struck Wednesday, this initiative is still at an early stage. The full Parliament will vote next month on whether to launch negotiations on the issue with representatives of the EU's 27 members and the European Commission.
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