EFAMA responds on remuneration: EFAMA's response to EBA's consultation on the remuneration guidelines highlights that bank-owned asset managers may need to comply with four sets of overlapping legislation setting remuneration requirements at EU level – as well as guidance on most of them. It says this will place a disproportionate regulatory burden on the industry. The response then, again, focuses on why EFAMA believes EBA has taken the wrong stance on proportionality. (Source: EFAMA Responds on Remuneration)