The new rules, known as the Markets in Financial Instruments Directive II (Mifid II) and due to come into force in January 2018, require all staff working in financial services customer facing roles throughout Europe are qualified to the highest professional standards.
Esma published a final report in December 2015 setting out how the changes to the legislation will affect staff throughout Europe who are either “giving information” or “giving investment advice.
Cisi said its new guide book is a ‘toolkit’ to help firms and regulators working across the EU that need to comply with these new regulations.
“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,” said Kevin Moore, Cisi’s global business development director.
“As a global professional body we have been working with firms and members in Europe and other countries around the world for many years,” he added.
Mifid goal
Adopted in 2007, the existing Markets in Financial Instruments Directive (Mifid) aims to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensuring a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products.
The updated legislation is likely revise and reinforce the original directive.
Paris-based Esma is the independent EU authority in charge of creating and implementing a single rulebook, including Mifid II and solvency II, for financial markets across the 28 nations trading bloc.
