U.K. Chancellor George Osborne has filed a legal challenge to a plan by the EU to limit bankers' bonuses. The cap is part of the broader Capital Requirements Directive IV. "The banking industry has already made, and continues to make, progress in changing remuneration policies and addressing the issues around variable pay and its relationship to performance and risk," AFME CEO Simon Lewis said. "We believe that the remuneration provisions in CRD IV would add nothing more in tackling these issues and would have a number of unintended and negative consequences for Europe's banks."
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