MEPs vote down bonuses ban
THE European Parliament narrowly rejected proposals to ban fund managers from receiving bonuses amounting to more than their annual salary amid warnings the plan could backfire by harming pensions and savings.
MEPs defeated the proposal after some argued that the measure would drive up costs and curtail returns.
"The bonus cap would have been hugely damaging to the European asset management industry, which looks after the pensions and investments of millions of Europeans," said Syed Kamall, a UK Conservative. (Bloomberg)