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ESMA clarifies MiFID II remuneration rules for tied agents

19 Mar 2026
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On 23 February 2026, ESMA clarified the application of MiFID II remuneration rules to tied agents under Article 27 of Regulation (EU) 2017/565. Key points include:

  1. Balance between fixed and variable remuneration: Tied agents are classified as "relevant persons" under Article 2(1) of Delegated Regulation 2017/565. Consequently, firms must ensure a balance between fixed and variable remuneration. However, Recital 41 allows flexibility, permitting a larger variable component for tied agents, provided it aligns with national laws and does not compromise client interests.
  2. National exemptions under Article 3 of MiFID II: Member States adopting the optional exemption under Article 3 must impose analogous requirements, including remuneration rules, to ensure compliance with Article 27 of Regulation (EU) 2017/565.

This guidance emphasises the need for firms to consider tied agents' unique status and national specificities while maintaining policies that prioritize client interests.

ESMA’s response can be found here