On November 20, 2014, the European Court of Justice’s (“ECJ”) Advocate General Nilo Jääskinen issued his opinion on the legal challenge brought by the UK government, opposing variable pay caps under the Capital Requirements Directive IV (“CRD IV”) package. The Advocate General proposes that the UK’s plea to annul certain provisions of CRD IV that fix the ratio of variable pay to fixed remuneration should be dismissed. The opinion is not binding on the ECJ, whose judgment is expected in February 2015.

The opinion is available at:

http://curia.europa.eu/juris/document/document.jsf;jsessionid=9ea7d2dc30d553f07a57c987483f8f7a9871bb768308.e34KaxiLc3qMb40Rch0SaxuObNr0?text=&docid=159945&pageIndex=0&doclang=EN&mode=req&dir=&occ=first&part=1&c id=634920.