MiFID II - Guidelines on assessment of knowledge and competence


 MiFID II - Guidelines on assessment of knowledge and competence

December 2015

The European Securities and Markets Authority (ESMA) has published 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.

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