ESMA has published its final report on the MiFID 2 guidelines for knowledge and competence. The guidelines will take effect on 3 January 2017 and specify the criteria for the assessment of the necessary knowledge and competence requirements of investment firms’ staff. ESMA has amended the guidelines following responses to its consultation. The main change is to require that all staff (existing or new) must acquire an appropriate qualification and have appropriate experience in order to meet the necessary knowledge and competence required. A staff member who has an appropriate qualification but not the appropriate experience, or vice versa, or who has neither appropriate experience nor appropriate qualification should be required to work under supervision until he/she achieves the appropriate qualification and experience. The maximum period of time that a staff member can be allowed to work under supervision is four years. (Source: ESMA Publishes Knowledge and Competence Advice)