The European Securities and Markets Authority (ESMA) has published a Consultation Paper on proposed Guidelines on sound remuneration policies under the UCITS V Directive and the Alternative Investment Fund Managers Directive (AIFMD).

The Consultation Paper represents the first step in the development of guidelines on remuneration policies required by the UCITS V Directive and sets out ESMA’s formal proposals for these guidelines. The Consultation Paper also proposes a targeted revision of the Guidelines on sound remuneration policies under the AIFMD which were published in July 2013.

The deadline for comments on the Consultation Paper is 23 October 2015.

ESMA will review the feedback it receives and intends to finalise the UCITS Remuneration Guidelines by early Q1 2016, ahead of the transposition deadline for the UCITS V Directive (18 March 2016). The final report that ESMA will produce is also expected to include the revision of the AIFMD Remuneration Guidelines.

View ESMA Consultation Paper – Guidelines on sound remuneration policies under the UCITS Directive and AIFMD, 23 July 2015