The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today launches a consultation on draft ESMA guidelines on certain aspects of the MiFID II remuneration requirements.
The remuneration of staff involved in the provision of investment and ancillary services and activities, or in selling or advising on structured deposits to clients is a crucial investor protection issue. Therefore, ESMA has developed draft guidelines that aim to clarify and foster convergence in the implementation of certain aspects of the new MiFID II remuneration requirements, replacing the existing ESMA guidelines on the same topic, issued in 2013.
This Consultation Paper builds on the text of the 2013 guidelines, which have been substantially confirmed, while those parts now incorporated into the MiFID II framework have been removed. In addition:
- it takes into account new requirements under MiFID II;
- it provides additional details on some aspects that were already covered under ESMA’s 2013 guidelines; and
- it incorporates the results of supervisory activities conducted by national competent authorities on the topic.
ESMA will consider the responses it receives to this consultation paper by 19 October 2021 and expects to publish a final report, and final guidelines, by end of Q1 2022.
Compliments of the European Securities & Markets Authority.