IFS Malta contributes to study on international comparison of investment qualifications

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