Dutch Authority for the Financial Markets commissions KWINK groep to audit the AFM–DSI professional competence covenant

The Dutch Authority for the Financial Markets has tasked research firm KWINK groep with an effectiveness audit of its professional competence covenant with DSI, which has been in place since 2018 and is intended to help investment-sector professionals demonstrate compliance with competence requirements under MiFID II and the Dutch Financial Supervision Act (Wft). The review will assess both the covenant’s methodology and the practical experiences of investment firms. Under the arrangement, professionals registered in one of DSI’s competence registers can use that registration to evidence they meet the competence requirements for staff who provide information or advice on investments, although DSI certification is not legally mandatory and supervised institutions can demonstrate staff competence through other means. From the end of September, KWINK groep will contact organisations on the AFM’s behalf to gather input, and banks and investment firms may be approached as part of the evaluation.