On December 18, the European Securities and Markets Authority (“ESMA”) published a final report on guidelines for the assessment of knowledge and competence under the MiFID II Directive (2014/65/EU) (“Directive”).

Article 25(1) of the Directive requires investment firms to ensure that persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the firm possess the necessary knowledge and competence to fulfil their obligations under the Directive.