On 13 October, the CSSF published Circular 17/670 on the
assessment of knowledge and competence in the framework of the
MiFID II Directive. This circular aims, on the one hand, at
communicating the minimum criteria to be taken into account when
providing the external training foreseen by CSSF Circular 17/665,
which implements the ESMA Guidelines on the assessment of knowledge
and competence; on the other hand, at providing further details on
the application file to be submitted by the organizations wishing
to offer this training.
As highlighted in Circular 17/665 issued by the Regulator on 31
July 2017, investment firms should ensure that personnel providing
investment advice or information on financial instruments, has the
necessary knowledge and competence to comply with MiFID II
requirements. In doing so, investment firms could verify the
acquisition of knowledge and competence either internally, through
tailor-made training program addressed to their personnel,
