Britain files complaint against EU bank bonus cap

Britain files complaint to EU court about planned strict cap on bankers' bonuses

Associated Press

BRUSSELS (AP) -- Europe's top court says Britain has filed a complaint against the bloc's planned cap on bankers' bonuses.

The European Court of Justice in Luxembourg said Wednesday the complaint filed by Britain's finance ministry was received on Friday.

The rule would limit bonus payments at one year's base salary, or double that if a large majority of a bank's shareholders agrees. It will come into force next year and apply across the 28-nation European Union, but also to EU banks working overseas — in New York, for example.

The bonus cap was decided by a majority of EU governments and the European Parliament this year as part of a wider package of financial reforms. Britain, which is home to the bloc's biggest financial industry vividly opposed it, but was outvoted.

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