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Clifford Chance

Clifford Chance


Dutch 20% bonus cap effective per 7 February 2015

10 February 2015

The Dutch Act on the Remuneration Policies Financial Undertakings (Wet beloningsbeleid financiële ondernemingen, the "Act"), which was originally envisaged to come into force on 1 January 2015, has been adopted by the Dutch Senate on 27 January 2015 and has come into effect on 7 February 2015. The Act is primarily known for the 20% bonus cap, but also provides for other pay constraints. The Act's requirements and restrictions on remuneration will apply on top of those contained in the Capital Requirements Directive (CRD III and CRD IV) and the Alternative Investments Fund Managers Directive (AIFMD).

Following our client briefing of December 2013 (Dutch Government proposed bonus cap for financial sector) this briefing addresses the scope and the most important elements of the Act.

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