MiFID II - Knowledge and competence

The revision of MiFID I leads to important changes in rules and regulations with regard to investor protection. The investor protection is enhanced due to stricter and new rules of conduct under MiFID II.

MiFID II introduces an additional requirement for the knowledge and competence of staff that informs and advises customers.

Investment firms have to ensure that all natural persons who provide investment advice or information to their clients, have the necessary knowledge and competence. This applies in particular to those who provide information about investment services, structured deposits, financial instruments or ancillary services. MiFID I already introduced the requirement that investment firms have to employ personnel with the necessary skills, knowledge and expertise. This remains unchanged.

The ESMA Guidelines for the assessment of knowledge and competence specify the criteria for the assessment.

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