Financial Regulatory Forum

Lagarde says France could legislate on bonuses

September 5, 2009

G20/     LONDON, Sept 4 (Reuters) – France would be prepared to turn its recently proposed new rules on bonuses into legislation, Economy Minister Christine Lagarde said on Friday.
   President Nicolas Sarkozy last week unveiled rules aimed at curbing the bonuses earned by financial market traders. He said French banks must adopt the rules or be excluded from state mandates for operations such as privatisation. 
   Lagarde said France was not pushing for legislation but it could happen if necessary to ensure the rules were followed.
   “If it needs to be a piece of legislation then it will be,” she said at a press briefing on the sidelines of a meeting of G20 finance ministers and central bankers.
   Sarkozy also wants other G20 countries to adopt his rules.
   (Reporting by Anna Willard; Editing by Patrick Graham)
   ((Reuters Messaging: anna.willard.reuters.com@reuters.net; +33 1 49 49 5339; anna.willard@reuters.com))
 Keywords: G20 FINANCE/FRANCE
  
Friday, 04 September 2009 21:27:10RTRS [nL445406  ] {C}ENDS

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