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Email On 21 December 2015 the European Banking Authority (“EBA”) published its final guidelines on sound remuneration policies (the “Guidelines”), together with its opinion on proportionality (the “EBA Opinion”). The Guidelines and EBA Opinion are likely to be of particular relevance to a number of smaller regulated investment firms, since the EBA’s intention is that they will no longer be able to disapply the so-called “bonus cap” on the basis of “proportionality”. https://www.cadwalader.com/resources/clients-friends-memos/the-ebas-new-remuneration-guidelines-expanding-the-scope-of-the-bonus-cap