On September 17, the European Securities and Markets Association (ESMA) published a consultation paper on proposed guidelines on remuneration policies and practices under MiFID.

The proposed guidelines are intended to enhance the implementation of MiFID’s existing conduct of business and conflicts of interests rules in relation to remuneration, with a view to improving investor protection.

The guidelines focus on:

• the governance and structure of remuneration policies and practices in the context of existing MiFID requirements; and
• the control of risks created by remuneration policies and practices.

The deadline for comments is December 7, with a final report and guidelines expected to be published by Q2 of 2013.