In brief Having been delayed by the government at the eleventh hour last March, there are now less than 70 days to go until the new rules on IR35 are introduced. As a reminder, the revised rules impact how contractors who are engaged through personal service companies (PSCs) are taxed…

The EU-UK Trade and Cooperation Agreement (“Agreement”) contains a framework agreement for the future treatment of workers through a Protocol on Social Security (“Protocol”). The Protocol puts in place measures to ensure that social security benefits are coordinated and to protect individuals (and their employers) against double social security contributions.

In brief On 24 November, Glass Lewis published its 2021 Proxy Voting Guidelines for the United Kingdom (UK). Unsurprisingly the COVID-19 pandemic and its impact on governance and stewardship practices is featured prominently in the updated Guidelines. The role of ESG policies is also highlighted. Notably, Glass Lewis now recommends voting…

On 10 December 2020, the Prudential Regulation Authority (PRA) published a statement on capital distributions by large UK banks. In a move that reflects the PRA’s view that large UK banks remain well capitalised, it has confirmed that banks may recommence some distributions and it is updating its expectations on the payment of cash bonuses to senior staff, including all material risk takers (MRTs), by large UK banks. However, against the backdrop of the global COVID-19 pandemic, the end of the Brexit transition period and the uncertainty that these entail, the PRA urges banks to take a cautious and measured approach.

The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have recently published consultations relating to the implementation of the Capital Requirements Directive V (“CRD V”) in the United Kingdom. The consultations also address how the United Kingdom’s (“UK’s”) financial services remuneration rules will work effectively at the end of the transition period following the UK’s exit from the European Union (“EU”) on 31 December 2020. 

The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have recently published consultations relating to the implementation of the Capital Requirements Directive V (“CRD V”) in the United Kingdom. The consultations also address how the United Kingdom’s (“UK’s”) financial services remuneration rules will work effectively at the end of the transition period following the UK’s exit from the European Union (“EU”) on 31 December 2020. 

Baker McKenzie’s EMEA Tax Practice Group presented an overview on “Employee Benefits”, the second in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times on 9 June 2020.

During the current pandemic crisis many companies within the Financial Services Industry (FSI) are struggling to balance the various countries’ COVID-19 relief measures with the very strict EU regulatory requirements that govern remuneration within the sector. An important question in this respect is whether application for COVID-19 relief implies that…

During the current pandemic crisis many companies within the Financial Services Industry (FSI) are struggling to balance the various countries’ COVID-19 relief measures with the very strict EU regulatory requirements that govern remuneration within the sector. An important question in this respect is whether application for COVID-19 relief implies that…

In brief On 27th April 2020, the Investment Association (“IA”) published guidance in relation to shareholder expectations of how the impact of COVID-19 should be reflected in executive remuneration packages. The IA guidance notes that the impact of COVID-19 will be different for each and every company and, at a…