Europe’s fund managers are facing a ban on bonuses that exceed salary as the European parliament pushes for the extension of its severe pay clampdown on bankers to the wider financial sector. 随着欧洲议会(European parliament)正努力将其针对银行家的严厉薪酬限制扩大至整个金融行业，欧洲基金经理正面临一项禁止奖金超出薪水的禁令。

In a political development that shows how the bankers’ bonus cap could snowball through the world of finance, the parliament’s main parties support inserting the curbs into a year-old reform proposal for Ucits funds, a popular investment product – that can be sold across EU borders – which has net assets of €6.4tn. 欧洲议会主要政党都支持在一项已提出一年的有关欧洲可转让证券集体投资计划(Ucits)基金的改革提案中加入薪酬控制，这一政治动态显示出，原本针对银行家的奖金上限，可能像滚雪球一样波及整个金融世界。Ucits基金是一种可在欧盟跨境销售的十分受欢迎的投资产品，其净资产达6.4万亿欧元。

The parliament’s draft negotiating position, seen by the Financial Times, would enforce a maximum 1:1 ratio of bonus to salary and requires up to 60 per cent of the variable element to be deferred and largely paid in units of the fund the manager runs. 英国《金融时报》所看到的欧洲议会谈判立场草案将要求，奖金与薪水比例最高为1:1，并要求奖金中至多60%的可变部分推迟发放，并且基本上要以相关基金经理所运营的基金单位为奖金形式。

All the main political blocs are expected to back the cap in a formal vote on Thursday – signalling that EU lawmakers see the bonus cap as a template for prudent remuneration policy, which will be applied to asset managers, hedge funds and shadow banking when the legislative opportunity arises. 在周四举行的正式投票中，预计所有主要政治集团都会支持这一上限，这表明欧盟立法者将设置奖金上限视为审慎薪酬政策的模板，并会在立法机会出现时将这一政策应用于资产管理公司、对冲基金和影子银行业。

If agreed, the Ucits overhaul will shock the fund management sector, which until now has largely enjoyed free rein to set managers’ pay without having to disclose the details. EU member states must also approve the proposal. 如果此次对Ucits的整改获得批准，将会震动整个基金管理行业，该行业迄今仍基本上享有不需披露细节就可以随意设置基金经理薪酬的自由。另外，该方案通过后，各欧盟成员国也都必须批准这一提案。

The emergence of another Brussels pay crackdown will also alarm UK ministers, who lost their battle to head off the bonus cap initiative and will be loath to see its principles imposed across an even bigger swath of the City of London. 欧盟对薪酬的又一个打压措施，也会令英国的部长级官员们震惊，他们此前未能阻止欧盟设置奖金上限的行动，此次也不愿意看到这一原则在更大范围冲击伦敦金融城。