On 31 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on certain aspects of the MiFID II remuneration requirements. The final report summarises the responses ESMA received to its earlier consultation paper last July and explains how the responses have been taken into account.

The guidelines are intended to enhance clarity and foster convergence in the implementation of certain aspects of the new MiFID II remuneration requirements, replacing ESMA’s current 2013 guidelines on the same topic. These latest guidelines build on the text of the 2013 guidelines, clarifying and refining them where necessary. They also take into account the new requirements under MiFID II and the results of supervisory activities conducted by Member State national competent authorities on the topic.

The guidelines are located in Annex V of the final report. They will be translated in the official EU languages and published on the ESMA’s website. The publication of the translations in all official languages of the EU will trigger a two-month period during which Member State competent authorities must notify the ESMA whether they comply or intend to comply with the guidelines.