To all those reading this I am David Gibbs; I am a Lecturer in Law at the University of East Anglia.

I created this blog as a general out-let of ideas for my research, as well as keeping those interested up-to-date on my research and general interests.

I completed my PhD thesis at the University of East Anglia in 2014. The thesis was recommended for the award of PhD with no corrections. My external examiner was Prof. Simon Deakin (Cambridge) and internal examiner was Prof. Morten Hviid.
My PhD research centred on directors' duties and company law. The thesis was titled 'Non-Executive Self-Interest: Fiduciary Duties and Corporate Governance'. It was a doctrinal and empirical study on whether self-interest was suitably controlled amongst non-executive directors.

My supervisors were Prof. Mathias Siems, Prof. Duncan Sheehan, Dr. Sara Connolly and Dr. Rob Heywood

All opinions of any existing or future blogpost are my own. They do not necessarily represent the views of any of my associated institutions.
ORCID 0000-0002-6596-8536

Thursday, 1 December 2011

European Commission to take Poland and Italy to Court

The EC is to take Poland and Italy to court for failing to complete the transposition of the third Directive on capital requirements. See here for press release.

Directive 2010/76/EU, which amends Directives 2006/48/EC and 2006/49/EC, requires banks and investment companies are financially sound by laying down rules on capital requirements that cover their risks to protect depositors.

It also requires appropriate remuneration policies that do not encourage or reward excessive risk taking; and this aims to combat remuneration incentive based practices that may have unfortunate consequences. Supervising authorities are allowed to impose penalties on banks that do not comply with these requirements. How the court identifies what is a "poorly designed remuneration structure" will be interesting to see. Although the Directive does lay down guidance as to what is an appropriate remuneration structure for credit institutions i.e. Annex I, which amends Annex V of the 2006/48/EC Directive on remuneration policies.

Finally, the Directive also lays down a ratio for capital specifically earmarked for re-securitisation to ensure banks take due regard to the risks involved with this kind of complex financial product.

The EC hopes to take advantage of the new possibility provided by the Lisbon Treaty to impose daily penalty payments on Member States that have not transposed the Directive in full by the date of its judgment establishing non-compliance. In this case the penalty requested for Italy 96446.70/day and for Poland 37396.80/day.

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