International comparison of investment qualifications

A new study published today compares European investment qualification schemes in terms of their organisation, structure, and conformity with the requirements of the MiFID II package. One of the objectives of MiFID II is to improve investor protection by harmonising the qualifications.

The aim of the International Comparison of Investment Qualifications was to form an overall picture of how the competencies required of personnel providing investment advice are regulated and self-regulated in Europe. Particular focus was on investment service qualifications and their different forms. A key element in improving consumer protection is ensuring that the personnel who provide investment services have sufficient levels of knowledge and competence.

The implementation of the MiFID II package will give investment qualifications more weight in the regulatory framework. The assessment of the knowledge and competence of persons employed in certain tasks has been part of national self-regulation, and has not been previously required by any EU legislation. In the future, a higher level of knowledge and competence will be required from personnel that give out investment advice than from personnel that only give information on investment products and services. The deadline of MiFID II implementation is January 2018.

The study was commissioned by the Federation of Finnish Financial Services and APV Investment Examinations Ltd. The information was collected qualitatively with a questionnaire from among members of the European Banking & Financial Services Training Association (EBTN), from interviews, and from public internet sources. The sample included sixteen countries.

Read the full study: International Comparison of Investment Qualifications