On 19 July 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines on certain aspects of the MiFID II remuneration requirements.

The purpose of these draft guidelines is to enhance clarity 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. The consultation paper builds on the text of the 2013 guidelines, which have been substantially confirmed (albeit clarified and refined where necessary). In addition, it takes into account new requirements under MiFID II and the results of supervisory activities conducted by Member State national competent authorities on the topic.

ESMA will consider the responses it receives to the consultation paper by 19 October 2021 and expects to publish a final report, and final guidelines, by end of Q1 2022.