ESMA Regulation - Consultation Paper - MiFID II/MiFIR Guidelines on Assessment of Knowledge and Competence - April 23, 2015

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MiFID Effective MiFID II/MiFIR Proposal Entered into Force Rules Applicable
November 1, 2007 October 20, 2011 July 2, 2014 January 2017

On April 23, 2015 The European Securities and Markets Authority (ESMA), published its draft guidelines on assessment of knowledge and competency. The consultation paper gives an executive summary, as well as a background. It contains five annexes


The MiFID II/MiFIR reforms passed the European Parliament in 2014. This legislative package required ESMA to develop guidelines on the assessment of knowledge and competency. In response to this, ESMA released its draft guidelines on the subject.

Summary of the Draft Technical Standards

The 19 page document consists of a executive summary, a background, and 5 annexes.

  • Annex 1, Summary of Questions:
  • Annex 2, Legislative mandate to develop guidelines and relevant legislation:
  • Annex 3, Cost-Benefit Analysis:
  • Annex 4, Draft Guidelines:
  • Annex 5, Guidelines on the application of Article 25(1) of MIFID II :

The guidelines on the assessment of knowledge and competence seek to ensure that key employees have the necessary and appropriate skills to carry out their functions in an investment firm.

ESMA is accepting comments on the consultation paper until July 10, 2015.


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