Eleven EU countries, including Germany, Sweden, the UK, Czech Republic, Austria and Ireland, are reportedly seeking to refine a legislative deal on fund managers pay.

Other countries involved in the move are also looking for ways to delay penalties and to reform guidelines for paying curbs, reported Financial Times.

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The move comes amid fears that the fine print on pay will affect the non-EU operations of fund groups including Aberdeen, BlackRock and Pimco.

Under the new rules, fund managers bonuses will be half-paid in units of the funds that they manage starting from 2016.

The new rules have been designed to protect fund assets and pay curbs that ban guaranteed bonuses and need deferral of some awards.

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