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First a cap on bankers’ bonuses. Next, a cap on fund managers’ bonuses? European parliamentarians have the bit between their teeth. A committee-level vote this week endorsed a proposal limiting bonuses to no more than fixed pay for anyone involved in managing the €6-trillion ($8-trillion) pool of so-called “UCITS” funds. (These are Europe’s most regulated, retail-oriented mutual funds, such as unit trusts). In addition, at least half that bonus element may have to be paid in units of the fund (or funds) concerned, while a quarter (or more) would need to be deferred.

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