Financial Services Regulation |  Apr 24, 2015

MiFID II – ESMA consults on the assessment of knowledge and competence

On the 23rd April, 2015, ESMA issued a consultation paper on draft guidelines specifying criteria for the assessment of knowledge and competence of natural persons in investment firms that provide investment advice or information about financial instruments, investment services or ancillary services to clients.

The consultation paper proposes that such criteria should be met by attaining an “appropriate qualification” and “appropriate experience” and sets out the areas of knowledge and competence that need to be assessed against, in order to provide investment advice or information to clients.

The purpose of these guidelines is to improve investor protection by increasing the knowledge and competence of individuals in investment firms providing services to clients.

The consultation will run until the 10th July 2015 following which date ESMA will consider all comments received. It is anticipated that the final guidelines  will be published during the fourth quarter of 2015.

Please forward any queries and/or feedback regarding this discussion paper or seek advice in connection with any of these activities here.

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