On 11 June 2013, the ESMA published guidelines and recommendations on remuneration policies and practices under MiFID. The key obligations of the guidelines centre on the governance and design of remuneration practices and controlling the risks that such practices create.

The guidelines define remuneration as all forms of payment or benefits provided directly or indirectly by firms to relevant staff involved in the provision of investment or ancillary services, or both, to clients. Relevant staff are those who can have a material impact on the service provided and include customer-facing staff and sales force staff.