German Legislator Decides To Cap Bonuses For Bank Staff – CRD IV Implementation Act Adopted

On July 5, 2013, the German Federal Council (Bundesrat) decided to raise no objection against the CRD IV Implementation Act passed by the German Federal Parliament (Bundestag) on June 27, 2013. The legislative procedure for this Act, which implements Directive 2013/36/EU (Capital Requirements Directive IV, “CRD IV”) into German law, is thus completed.

Together with Regulation (EU) No. 575/2013 (Capital Requirements Regulation, “CRR”), the CRD IV is part of the so-called “Single Rule Book”. The Single Rule Book enhances the capital adequacy […]

By | August 13th, 2013 ||

Malta: Employment Related Obligations And Policies

OVERVIEW
Employment and Industrial relations

In 2002, the Maltese Parliament enacted legislation on employment and industrial relations, thus consolidating previous applicable labour law into one piece of legislation.
The Employment and Industrial Relations Act (2002) which is in line with the EU acquis communitaire, sets up the Employment Relations Board principally responsible to promote the introduction of national minimum standard conditions of employment and sectoral conditions of employment aimed at ensuring standard conditions of employment in all […]

By | August 7th, 2013 ||

Indian Court Protects Employees’ Payments During Liquidation Proceedings

The Supreme Court of India (“SC”) has held that in the event of liquidation of a company, claims of employees have to be considered by the Official Liquidator of the company and not by the Debt Recovery Tribunal (“DRT”). The SC made this decision in the case of Bank of Maharashtra v. Pandurang Keshav Gorwardkar & Ors.1, and laid down certain rules for deciding employee claims.
Facts
Paper and Pulp Conversions Limited (‘Company’) had taken a loan […]

By | August 7th, 2013 ||