Pittsburg G20 meeting and its impact on Compensation - 28 Sept 2009
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ECE Member Jon Robinson has written and posted a pdf document providing an update of the impact of the recent G20 meeting on compensation issues. Take a look in the file cabinet on the ece site (on the right side of the main screen)
Financial_Regulation_and_Compensation_-_Update_following_G20_Pittsburgh_Meeting_2009.pdf
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The G20 meeting in Pittsburgh endorsed the Implementation Standards produced by the Financial Stability Board. In essence, governments have signed up their financial regulators to detailed rules on pay in financial institutions - banks, insurance companies and securities firms. Unlike the April G20 meeting, this one has included enforcement mechanisms to ensure individual countries comply.
I have posted a presentation which summarises the current regulatory position; I have also included a summary of Australian regulations as this country has already produced detailed rules for implementation in 2010. Also, Australia is regulating foreign firms operating there with potential implications on the home country/group remuneration policy.