EU, UK: A new definition of "Code Staff" - key issues and summary of the draft rules

The European Banking Authority ("EBA") has published draft regulatory technical standards on the definition of Identified Staff ("Code Staff" under the UK Remuneration Code) which, when finalised, will create compulsory rules on classifying Identified Staff.  These standards are intended to harmonise the rules as to which staff are treated as Identified Staff and who are therefore subject to the more onerous of the current CRD III remuneration provisions, as well as the cap on variable pay being introduced by CRD IV.  To read our longer briefing, click here.