Exigences de rémunération de la directive MIF 2 : l’AMF applique les orientations de l’AEMF

The AMF implements in its [Position DOC-2023-03](https://www.amf-france.org/sites/institutionnel/files/private/2023-05/DOC-2023-03_VF1%20%2B%20BJ.pdf) the ESMA Guidelines regarding certain aspects of the remuneration requirements of the MiFID II directive (ESMA-35-43-35652).
As a reminder, the development of a regulatory framework dedicated to remuneration practices in MiFID II was a response to various events that occurred after the implementation of MiFID I, particularly the financial crisis of 2007. In MiFID I, the issue of remuneration was only addressed in the ESMA Guidelines that were issued in relation to conflicts of interest rules. However, under MiFID II, ISPs, including asset management companies that offer investment services, are now mandated to develop and implement remuneration policies.
These remuneration policies are intended to ensure fair treatment of clients and must be designed in a way that avoids creating conflicts of interest or incentives for „relevant persons“ to prioritize their own interests or the interests of the ISP over those of one or more clients.
The objective of these ESMA Guidelines is to specify the obligations related to remuneration requirements in order to ensure a consistent, uniform, and coherent application of Union law. They contribute to the establishment of consistent supervisory practices for investment service providers, including portfolio management companies authorized to provide at least one investment service.
The incorporation of the ESMA Guidelines into the new AMF Position DOC-2023-03 further solidifies the regulatory framework surrounding remuneration requirements under MiFID II. These ESMA guidelines were established based on MiFID II, which has been transposed along with the MiFID II Delegated Regulation into domestic law in the MFC.
By incorporating the ESMA Guidelines, the AMF itself aims to provide clarity and guidance to ISPs on how to structure their remuneration policies in a manner that aligns with the overarching goal of treating clients fairly and avoiding potential conflicts of interest. This move highlights the commitment of regulatory authorities to enhance investor protection and promote transparency within the financial markets.
The AMF Position incorporates all three sections of the aforementiond ESMA Guidelines, providing clarifications on the Design of remuneration policies and practices, Governance, and Risk control related to remuneration policies and practices.
The present AMF Position DOC-2023-03 applies to investment service providers, including investment firms, credit institutions and asset management companies authorized to provide at least one investment service, and once implemented, will become effective on 3 October 2023.