On 17 September 2012 ESMA issued a consultation paper on proposed remuneration guidelines for MiFID investment firms. ESMA press releases are here and here, and the consultation paper is here. From the press releases:
“The Guidelines aim to strengthen investor protection by seeking to improve the implementation of the MiFID rules on conflicts of interest, and thereby preventing mis-selling of products. The Guidelines will apply to investment firms, credit institutions, fund management companies when providing investment services, and to competent authorities. Firms must ensure that they have appropriate remuneration policies and practices in place, bearing in mind the obligation on firms to act honestly, fairly and professionally in the best interests of their clients.”
The consultation closes on 7 December 2012.