C578: ESMA35-43-3565 - Guidelines on certain aspects of the MIFID II remuneration requirements
Further to the issuance of Circular C578, the Cyprus Securities and Exchange Commission (the ‘CySEC’) notifies Regulated Entities, that the European Securities and Markets Authority (ESMA) Guidelines pertaining to certain MiFID II remuneration requirements will apply as of 6th November 2023; the Guidelines on remuneration policies and practices issued under MiFID I, will cease to apply on the same date.
The Guidelines aim to ensure the common, uniform and consistent application of the MiFID II remuneration requirements.
Matters which are dealt with within the Guidelines include remuneration requirements, conflicts of interest, delegated regulation relating to remuneration and remuneration governance requirements as well as business rules.
In accordance with Article 16(3) of the ESMA Regulation, competent authorities and financial market participants must make every effort to comply with the Guidelines. It should however be noted that the Guidelines do not reflect the absolute obligations.
Regulated Entities are urged to study the Guidelines and ensure that they are fully compliant.
For further clarification or assistance with matters relating to the content of this article, please contact us for assistance and information.
By Andie Henderson, Legal & Compliance Associate, Financial Associates International (FAI Comply)