47 / 72
Global Trustee and Fiduciary Services News and Views
| Issue 47 | 2017
45
a collective labour agreement. The 20%
cap does not apply on an individual basis,
but to the average bonus of such staff
collectively, provided that individually a
100% bonus cap applies.
• A 100% bonus cap for staff predominantly
(at least 50% of their time) physically working
outside the Netherlands but within the EEA.
• A 200% bonus cap for staff predominantly
(at least 50% of their time) physically working
outside the EEA, subject to shareholder
approval and the procedure as determined
in CRD IV.
• A 100% bonus cap for staff of a Dutch ultimate
parent company only (thus not its subsidiaries)
if at least 75% of all staff within the group of
companies has predominantly worked outside
the Netherlands during at least three out of
the last five consecutive years.
• The bonus cap also applies to branch offices in
the Netherlands of financial enterprises with
their official seat in another state. Branches of
banks and investment firms, with their official
seat in another EU Member State, however,
are excluded. For these branches, the CRD
IV bonus cap of the EU Member State where
such company has its official seat applies.
• No bonus cap applies to AIFMs, managers
of UCITS and of investment firms trading
solely and exclusively for their own account
with their own funds and capital and that do
not have external clients and that are a local
undertaking (proprietary trading investment
institutions). This exception also applies in
the event the aforementioned managers are
part of a group of companies that has to apply
the Act on a group-wide basis. In the event
an AIFM, or the manager of UCITS, is also
allowed to perform certain MiFID activities
under the relevant AIFMD or UCITS Directive
licence, this exception also applies to such
MiFID activities (i.e. individual investment
management and investment advice).
6
Proposal on extending the bonus cap
to AIFMs and managers of UCITS
Over the summer period, the Dutch finance
minister submitted the draft Financial Markets
(Amendment) Bill 2018 (Draft Bill) for consultation,