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On December 17, 2015, the European Securities and Markets
Authority published a final report and final guidelines on the
assessment of knowledge and competence of individuals providing
investment advice or information about financial instruments,
investment services or ancillary services to clients on behalf of
investment firms. Under the revised Markets in Financial
Instruments Directive, an investment firm is required to ensure
that individuals giving investment advice or providing information
about financial instruments, investment services or ancillary
services to clients on its behalf have the necessary knowledge and
competence to do so and to satisfy the firm's obligations on
suitability, appropriateness and reporting and provision of
information to clients. An investment firm may be requested to
demonstrate that the requirements are met on request by its
national regulator. National regulators must publish the criteria
that will be used to assess such knowledge and competence.
ESMA's guidelines, which apply to national regulators and
investment firms, specify the criteria for the assessment of
knowledge and competence, establishing the minimum standards that
staff providing the relevant services should meet. The guidelines
will come into effect on January 3, 2017.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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