Op 26 november 2013 is de consultatieversie van de Wet beloningsbeleid financiële ondernemingen (het "Wetsvoorstel") gepubliceerd. Hierin wordt onder andere een 20% cap voor variabele beloningen geïntroduceerd. H et Wetsvoorstel strekt tot wijziging van de Wet op het financieel toezicht ("Wft").

In July 2013 the Constitutional Court of Lithuania ruled on the constitutionality of various aspects of bank insolvency laws. Sebastian Okinczyc takes us through the ruling.

Fredric Cohen and Luc Marty ask why does it matter to deal with financial downturns ahead of insolvency from the director's liability point of view?

On 16 May 2013, the Act Shortening Residual Debt Discharge Proceedings and Strengthening the Rights of Creditors (“Gesetz zur Verkürzung des Restschuldbefreiungsver- fahrens und zur Stärkung der Gläubigerrechte”) was passed into law by the German parliament.

The phenomenon of insolvency tourism is becoming increasingly common in the EU amongst both natural and legal persons.

On 26 December 2012 the Personal Insolvency Act 2012 (the “Act”) was signed into law by the President of Ireland.

On 1 October 2012, new "Policy rules on the use of derivatives by approved public housing institutions" issued by the Minister for Housing and the Central government Sector (the "Minister")entered into effect; these policy rules are discussed in our newsletter dated 10 September 2012.

The Landesbanken's transformation since the financial crisis of 2007-8 has not been as dramatic as experts expected, but there has been some movement, Reuters reported in a timeline. Banks have pared back the international operations and exotic investments that triggered so many losses, and have refocused on their grass roots German business.

Before the financial crisis life was simple for central bankers. They had a clear mission: temper booms and busts to maintain low and stable inflation. And they had a seemingly effective means to achieve that: nudge a key short-term interest rate up to discourage borrowing (and thus check inflation), or down to foster looser credit (and thus spur growth and employment). Deft use of this technique had kept the world humming along so smoothly in the decades before the crash that economists had declared a “Great Moderation” in the economic cycle.

Five years after the collapse of Lehman Brothers triggered the largest global financial crisis since the Great Depression, outsize banking sectors have left economies shattered in Ireland, Iceland, and Cyprus. Banks in Italy, Spain, and elsewhere are not lending enough. China’s credit binge is turning into a bust. In short, the world’s financial system remains dangerous and dysfunctional, Economia reported in a commentary. Worse, despite years of debate, no consensus about the nature of the financial system’s problems – much less how to fix them – has emerged.