The CISI is offering support to European
financial services regulators and firms, and ultimately consumers, by publishing its own guidance booklet setting out its stall across the Qualifications,
Continuous Professional Development and Business Ethics areas.
The aim is to assist firms in their efforts to meet the new
European Securities and Markets Authority (ESMA) guidelines, effective January 2017. These have been put in
place to ensure that all staff working in financial services customer facing roles throughout Europe are
qualified to the highest professional standards as outlined in the new MiFIDII regulations.
The CISI booklet is a toolkit for firms and regulators across the EU member countries who will need to comply
with these new MiFIDII regulations if they want to work with consumers.
Based in Paris, ESMA is the independent EU authority contributing to safeguarding the stability of the European
Union’s financial system by enhancing the protection of investors and promoting stable and orderly
financial markets. ESMA operates a single rulebook for EU financial markets.
The ESMA Final Report, published December 2015 “Guidelines for the assessment of
knowledge and competence” affects staff throughout Europe who
are either “giving information” or “giving investment advice”.
Kevin Moore, Chartered MCSI and CISI Global Business Development Director said:
“As a global professional body we have been working with firms and members in Europe and other
countries around the world for many years. We are absolutely committed to raising professional
standards, in terms of knowledge, competencies and behaviour. This initiative is very much in the
interests of consumers all across Europe”.
The CISI has an excellent track record in supporting the introduction of new
knowledge and competency requirements for the profession, having worked closely with the previous Financial
Services Authority (now the Financial Conduct Authority or FCA) on the introduction of similar standards in
the UK under the Retail Distribution Review (RDR). The CISI is an FCA Accredited Body for the issuance of
Statements of Professional Standing (SPS), which is a license to practise as a retail investment adviser in
the UK.
Working with financial services regulatory authorities in 37 countries around the
world, in the EU CISI’s links with these authorities are in
Cyprus, Germany, Greece, Malta, Netherlands, Republic of Ireland and the UK. The CISI has members in 25 EU
member countries and in 2015 the Institute’s qualifications were sat in 24 of those EU
countries.
The CISI’s booklet on Guidance for Regulators and
Firms who need to comply with ESMA’s requirements on
knowledge and competence is available from cisi.org or esma@cisi.org
Ends