On 17 September 2012, ESMA published a consultation paper on proposed guidelines on remuneration policies and practices under the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). The guidelines aim to strengthen investor protection, by seeking to improve the implementation of the existing MiFID conflicts of interest and conduct of business requirements relating to remuneration of all staff involved in the provision of investment and ancillary services. ESMA expects to publish a final report, and final guidelines, by the second quarter of 2013.