The European Securities and Markets Authority (ESMA) published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD. The UCITS Remuneration Guidelines provide further detail on the requirements under the UCITS Directive for management companies when establishing and applying a remuneration policy for key staff. The UCITS Remuneration Guidelines do not materially vary from the draft contained in the consultation (other than in respect of proportionality as discussed below). They aim to ensure a convergent application of these provisions and provide guidance on the governance of remuneration, requirements on risk alignment and disclosure. The UCITS Remuneration Guidelines will apply to UCITS management companies and national competent authorities from 1 January 2017. ESMA also issued a related press release.