Tue. Feb 25th, 2020

Planet Compliance

Innovation & Regulation in Finance

ESMA publishes Final Report on MiFID II guidelines for the assessment of knowledge and competence

2 min read

The European Securities and Markets Authority (ESMA) has published today the Final Report on guidelines for the assessment of knowledge and competence.

These guidelines are intended to enhance investor protection by increasing the knowledge and competence of natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of investment firms.

As required under Article 25(9) of MiFID II, these guidelines specify the criteria for the assessment of the necessary knowledge and competence requirements of investment firms’ staff. These guidelines have been developed to enable firms to fulfil their obligations under Articles 24 and 25 of MiFID II, such as meeting general conduct of business principles, information and reporting to clients, and suitability and appropriateness requirements, through the attainment of appropriate qualifications and appropriate experience by their staff.

The guidelines will come into effect on 3 January 2017.

The ESMA statement and the Final Report are available here.

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