Competence of employees investment firm and national regimes

On 4 January 2018, the Regulation competence employees investment firms (Regeling vakbekwaamheid medewerkers beleggingsondernemingen Wft, theĀ Regulation) was published in the Dutch Government Gazette (Staatsblad). The Regulation forms part of the legislative package implementing the Markets in Financial Instruments Directive (recast) (2014/65/EU) (MiFID II). Besides introducing rules on the required professional competence of employees of an investment firm, the Regulation introduced, among other things: changes to the existing exemption to the licence obligation that is available to investment firms from Australia, the United States of America and Switzerland if the conditions laid down in Article 10 of the Exemption Regulation AFS (Vrijstellingsregeling Wft) are met. Where it concerns investment firms providing investment services, Article 10 of the Exemption Regulation AFS now stipulates that this exemption will only be available insofar the investment services areā€¦

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