IFS Malta con­trib­utes to study on in­ter­na­tional com­par­i­son of investment qual­i­fi­ca­tions

Malta Independent - - BUSINESS -

IFS Malta was one of the con­trib­u­tors to a new study pub­lished re­cently which com­pares Euro­pean investment qual­i­fi­ca­tion schemes in terms of their or­gan­i­sa­tion, struc­ture, and con­form­ity with the re­quire­ments of the mar­kets in Fi­nan­cial In­stru­ments Di­rec­tive (MiFID II).

The MiFID II seeks to fa­cil­i­tate the mi­gra­tion of the Euro­pean reg­u­la­tory land­scape from a prin­ci­ples-based phi­los­o­phy to­ward a more US-style rules-based reg­u­la­tory regime. One of its ob­jec­tives is to im­prove in­vestor pro­tec­tion by har­mon­is­ing qual­i­fi­ca­tions on an in­ter­na­tional level. IFS Malta was able to par­tic­i­pate in this ini­tia­tive through its mem­ber­ship in the Euro­pean Bank­ing & Fi­nan­cial Ser­vices Train­ing As­so­ci­a­tion.

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.

IFS Malta Vice Pres­i­dent and EBTN Ex­ec­u­tive Com­mit­tee and Board mem­ber, Peter Cal­leya, said “this is a very in­ter­est­ing study which as­sesses dif­fer­ent investment qual­i­fi­ca­tions across Europe in light of MiFID II re­quire­ments. Par­tic­i­pat­ing di­rectly in this study was very use­ful and ben­e­fi­cial for IFS Malta as cur­rently we are proac­tively work­ing to raise the stan­dards in the area of investment qual­i­fi­ca­tions for the ben­e­fit of the Mal­tese fi­nan­cial ser­vices sec­tor and so­ci­ety in gen­eral.”

The study was com­mis­sioned by the Fed­er­a­tion of Fin­nish Fi­nan­cial Ser­vices and APV Investment Ex­am­i­na­tions Ltd. The in­for­ma­tion was col­lected qual­i­ta­tively through a ques­tion­naire from mem­bers of EBTN, from in­ter­views, and from pub­lic in­ter­net sources. The sam­ple in­cluded six­teen coun­tries.

The full study is avail­able on the IFS Malta web­site at:

http://if­s­malta.org/en/news.ht m

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