La CNMV adopta las Directrices relativas a determinados aspectos de los requisitos de remuneración de la MiFID II

The CNMV informed ESMA that it adheres to the Guidelines on certain aspects of the remuneration requirements of MiFID II and considers them in its supervisory actions. These guidelines aim to align employee incentives with client interests, manage conflicts of interest, and reduce excessive risk-taking.
The updated guidelines emphasize the design of remuneration policies and practices. They suggest that qualitative criteria should not be insignificant and should not indirectly reintroduce quantitative commercial criteria that may create conflicts of interest. Entities are encouraged to have flexible variable remuneration policies that allow for no payment of variable remuneration if qualitative objectives are not met. The guidelines also recommend aligning the interests of entities and investment service providers with those of clients by applying ex post adjustment criteria to variable remuneration.
The guidelines provide details on governance aspects, such as the periodic review of remuneration policies, the involvement and responsibility of the board of directors and senior management, and the role of the compliance function. They also address the control of risks related to remuneration policies, advising companies to avoid overly complex external hiring or distribution structures that hinder compliance risk control or harm client interests. The guidelines caution against multi-level sales schemes that can impede compliance risk management.
The objective of these guidelines is to update the previous remuneration guidelines published in 2013 under MiFID I. They clarify and elaborate on the implementation of the new provisions established by MiFID II and Delegated Regulation 2017/565 regarding the remuneration of investment service providers. The revision incorporates insights from the supervisory experience of national competent authorities in the EU.