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Liva & Laia : 15th November

French bank bonus tax only applies to traders

Source: Reuters - Wed 16th Dec 2009

France's proposed new tax on bankers' bonuses will only apply to market traders and will notaffect those working in other areas such as corporate finance orprivate banking, a government official said on Wednesday.

"According to the legal framework, it is only for thosetrading in financial instruments. If you're in M&A (mergers andacquisitions), you're not trading a financial instrument," anofficial from the French Economy Ministry told reporters.