On 3 April 2023, the European Securities and Markets Authority (ESMA) published the official translations, including the English language version, of the guidelines on certain aspects of the MiFID II remuneration requirements.
These guidelines apply in relation to the requirements set out in Article 27 of Delegated Regulation 2017/565 of 25 April 2016 (MiFID II Delegated Regulation) as well as, the conflicts of interest requirements set out in Articles 16(3) and 23 of MiFID II and Article 34 of MiFID II Delegated Regulation in the area of remuneration; and the conduct of business rules set out in Article 24(1) and (10) of MiFID II. In addition, these guidelines clarify the application of the governance requirements in the area of remuneration under Article 9(3) of MiFID II.
ESMA expects these guidelines to promote greater convergence in the interpretation of, and supervisory approaches to MiFID II remuneration requirements as well as the MiFID II conflicts of interest and conduct of business requirements in the area of remuneration by emphasising a number of important issues, and thereby enhancing the value of existing standards.
The guidelines will apply from 3 October 2023 (six months from the date of publication on ESMA’s website in all EU official languages).