Outcomes DSI consultation board meeting

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We recently held our first DSI Consultation Meeting, and we’re eager to share the valuable insights we gained. During this meeting, discussions revolved around current training programs, certifications, and concrete suggestions to improve DSI’s visibility. Concrete action points were established to further strengthen DSI and increase engagement.

Training & Examinations:

Engaging discussions centered on the structure of training and examinations, which vary between providers, raising questions about uniformity. It was clarified that while providers have flexibility in their approach, they must align with the learning objectives. DSI has committed to ongoing dialogue with providers and feedback discussions.

Certification:

We explored opportunities to expand and deepen registers, touching on themes such as sustainability, digitization, and financial crime. Some expressed a desire for more tailored training and perhaps a register for specialists in specific areas. DSI will incorporate this feedback into the ongoing strategy development. We have already taken the first step in this direction by developing the DSI Financial Crime Professional register.

Importance of Visibility:

Many valuable tips were shared, emphasizing the importance of DSI’s visibility. We aim to share more information, both online and offline, and seek input from certified professionals on current topics. DSI is evolving into a platform open to all stakeholders. We will utilize LinkedIn to actively engage professionals.

Action Points for DSI:

– Enhance visibility (e.g., through LinkedIn).
– Develop an information package for certified professionals.
– Research improvements in training programs.
– Provide clear explanations of ESMA registers on the website.

We thank the participants of the DSI Consultation Group, consisting of 8 certified professionals, for their active contributions and look forward to future developments. If you are interested in joining the consultation group and shaping the future of DSI, there is still room for 2 more members. Sign up here!

What does the DSI Consultation Group entail?

The consultation group consists of a fixed group of up to 10 certified professionals from various DSI registers. The group meets twice a year for a meeting at Beursplein in Amsterdam. During these meetings, various developments and services of DSI are discussed, focusing on how we can bring DSI closer to professionals and align our strategy accordingly.

Complete your Continuing Education for the end of 2023

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Keeping your knowledge up to date: follow the DSI Continuing Professional Education (PE) Program 2023! Every year, we update the PE program to align with the latest developments in the sector and changes in regulations. Successfully completing the PE program is essential to maintain your full DSI certification.

With this message, we would like to draw your attention to the timely completion of the PE program that matches your DSI registration. Why? Because it keeps your knowledge current, and you can immediately apply the insights gained in practice.

Furthermore, completing the PE program is a crucial part of the ESMA requirement. Failing to complete the PE program on time can have direct consequences for your daily work as a professional.

Have you successfully completed PE 2023?

Depending on your training provider, you may have already successfully completed PE 2023. If that’s the case, congratulations! You don’t need to take any further action at this time. In January 2024, we will receive a list of successful candidates from all training providers. At that time, we will process your results and update them in the Public Register.

If you have multiple DSI registrations, you need to complete the specific PE program for each registration. Please note that the PE program is not mandatory for certified individuals who are only registered in the Integrity Register.

Verify if your chosen PE program matches your registration.

It’s essential to verify if the PE program you have chosen aligns with your DSI registration. If you have any doubts, please feel free to contact us. This will help avoid unnecessary confusion. Remember that if, for example, you are registered in the Advising Standard Retail Investment Register, you should follow the PE program for Advising Standard Retail Investment, not the program for Informing Retail Investment.

Registered before January 1, 2023, means mandatory completion of PE 2023.

If you registered before January 1, 2023, you are required to successfully complete PE 2023. Candidates who applied for (candidate) certification in 2023 will start with PE 2024 from January 1, 2024. Consult the information about PE 2023 for more details.

Make sure to complete PE 2023 before the end of the year.

While you still have some time, we strongly recommend starting the program as soon as possible if you haven’t already. On our website, you’ll find a list of training providers offering the PE 2023 program. Don’t forget to consult with your employer first to see if specific arrangements have been made with a particular training provider, as this can impact your choice. The deadline for completing PE 2023 is April 1, 2024.

Consequences of not completing PE 2023 on time.

Annually, you must successfully complete the Permanent Educatie program if you hold a DSI certification. Failing to do so on time may have direct consequences for both your work and your registration in the DSI Public Register. If you don’t pass the PE, your registration will be changed to ‘Candidate Certified,’ which means you no longer meet ESMA guidelines. This could also result in your employer needing to supervise your work if you haven’t completed PE 2023.

More information and contact

For more information and to get in touch with us regarding the Continuing Professional Education program, please visit www.dsi.nl/en/pe2023 or submit a question via our contact page.

Termination of passive certified status

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From January 1, 2024, DSI will discontinue offering the passive registered status. DSI is providing passive registrants the opportunity to convert their registration to a (candidate) certification before this date. All passive registrants have been informed about this option through personal emails.

Why is DSI discontinuing the passive registration status?

With a DSI Certification, professionals in the investment sector demonstrate their competence and stay updated on the latest developments in integrity, knowledge, and skills. Passive registration was introduced in the past to temporarily exempt certified individuals from the obligations associated with certification. Passive certified individuals do not meet the requirements of a DSI Certification. As this no longer aligns with our current DSI registry policy, we are discontinuing this status and offering an alternative.

How to convert a passive registration?

To be certified by DSI, you need to be employed by a participant affiliated with DSI. If you currently work for an organization that is not a DSI participant and you wish to convert your passive registration, we advise discussing the option of becoming a DSI participant with your employer. After your employer’s acceptance as a participant, you will go through a process to convert your passive registration to active registration. Click this link for more information on enrolling your employer as a participant.

Reactivate your certification

If you currently work for an employer affiliated with DSI but are passively certified, you can directly reactivate your certification through your MyDSI account. In MyDSI, you can request a change from passive registration. Click the “I want to change my passive registration” button in MyDSI for more information.

Click here for (re)activation of a passive DSI registration

Competency requirements for DSI registries

When (re)activating your certification, you must fulfill all competency components of the respective registry. Click here to gain immediate insight into the associated competency requirements per registry. If you haven’t met all competency requirements yet, no problem – you will be candidate-certified until all components are fulfilled.

Respond by January 1, 2024

If we do not receive a response from passively certified individuals by January 1, 2024, the registration with DSI will be automatically terminated. We extend our gratitude to all certified individuals for their involvement with DSI and invite everyone to subscribe to the DSI newsletter to stay informed about future developments.

More information

If you need more information about your DSI registration or if you are passively certified and have not received a letter from us, please contact us through our contact form or call our Customer Care Officers at 020-6201274. They are here to assist you.

DSI and EY are organizing a roundtable discussion on Greenwashing

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DSI and EY are joining forces in 2023 to organize a series of exclusive roundtable meetings, focusing on the current topic of greenwashing and how the financial sector is addressing it. Our goal is to facilitate a constructive dialogue among policymakers from various sectors, discussing recent developments and analyzing their impact on investment practices. The discussion will revolve around the moral and ethical considerations related to greenwashing. The valuable insights derived from these meetings will be compiled and presented in an informative white paper by the end of the year.

Greenwashing from different perspectives

The first meeting took place on June 7th at Beursplein in Amsterdam, with a focus on compliance and legal aspects. This session brought together professionals from risk, legal, and compliance domains of various DSI participants.

After an introduction and setting the meeting’s objectives, open discussions covered various topics. Firstly, the current definition of greenwashing was critically examined. What does this term precisely entail, and how do the present organizations interpret this theme? We reflected on an ESMA article published on June 1st that explores the definition of greenwashing based on various articles.

Current regulation surrounding greenwashing

Subsequently, our attention turned to the current regulations. Greenwashing is addressed through several European sustainable finance regulations. Together, we discussed how organizations navigate this complex set of rules. How do they implement these guidelines, and which regulations have the most significant impact on their operations?

Moral and ethical considerations regarding greenwashing were also extensively discussed. We explored the differences in ethical standpoints on ESG between investors and institutions offering investment products. Why does such a disparity in understanding exist, and should the financial sector itself establish concrete frameworks to provide clarity and maintain trust?

Creating awareness about greenwashing within your organization

The final part of the meeting focused on creating awareness about greenwashing within organizations. How can we ensure that this topic is on the agenda at every level of the organization? Attendees shared valuable best practices, which we will elaborate on in the white paper scheduled for publication at the end of the year.

After the summer, DSI and EY will host two more sessions on Greenwashing, but this time from a different perspective, involving marketing and communication specialists, as well as investment experts. The findings from these three gatherings will be consolidated into an informative white paper, to be shared on our website.

For more information about these inspiring meetings, feel free to reach out to Floris Mreijen (Director) and/or Mark van der Lecq (Lead Legal) by sending an email to certificering@dsi.nl.

AFM and DSI extend covenant on professional competence

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AFM and DSI extend covenant on professional competence. The Netherlands Authority for the Financial Markets (AFM) and Stichting DSI (DSI) have extended the covenant they have had since 2018 with regard to the professional competence of employees who provide information or advice on investments. “Extending this covenant strengthens confidence in the investment sector,” said Tanja Nagel, chairman of Stichting DSI.

This is a tacit extension of two years. This means that AFM and DSI will continue the agreement without amendments.

DSI certified persons are demonstrably competent
The covenant follows from professional competence requirements included in MiFID II. It states that anyone who informs or advises on investments (relevant persons) must be demonstrably ‘competent’. The requirements for this are described in guidelines from the European regulator ESMA. The AFM considers skilled personnel to be an important precondition for good investment services and careful treatment of clients.

“We are very pleased with the continuation of the covenant with the AFM,” says Tanja Nagel. “DSI certifications are an initiative of the financial sector itself to strengthen confidence in the investment sector. Recognition of this certification by the regulator offers additional confirmation of the quality and added value of a registration in one of the DSI registers”.

DSI certificates comply with ESMA guidelines
The AFM and DSI have agreed in the covenant that DSI only admits relevant persons in its registers who comply with the ESMA guidelines. Once in the registers, the obligation to keep knowledge up-to-date applies. DSI has introduced the “Continuing Professional Education program (Permanent Vakbekwaam Programma)” for this purpose. Trainers offer this program to certified persons on the basis of learning objectives updated annually by DSI.

In accordance with the covenant, the AFM recognizes that everyone included in a relevant DSI register is professionally competent. Currently, around 5,000 professionals from the investment sector are certified in one of the seven ESMA registers at DSI.

ESMA guidelines apply to the entire investment firm
A DSI registration for the relevant persons does not mean that the company fully complies with the ESMA guidelines. The standards in the guidelines are broader. For example, organizational requirements for the company have been included. Employees must also be aware of (and understand and apply) the company’s internal rules of conduct and procedures. Because the elaboration of this is specific to each company, it is not part of the certification at DSI.

The extension of the covenant will make it easier for investment firms to comply with the ESMA guidelines. A DSI registration is not mandatory. Companies that do not want this can also demonstrate to the AFM for each employee that they are professionally competent and how this is organized within the organization.

Additional information:

Link to AFM-DSI covenant – click here
Link to Include ESMA Guidelines – click here
Link to MiFID II – click here
Link to AFM press release – click here

Amsterdam stock exchange opening by DSI and Validata

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Collaboration agreement DSI Foundation and Validata

The DSI Foundation and Validata together stand for honest and reliable professionals in the investment sector. On the occasion of the collaboration in the field of the screening of DSI certified professionals, Floris Mreijen, General Manager of DSI since the 1st of April, opened the Amsterdam stock exchange together with Validata this morning the 5th of July.

The DSI Foundation was established on 14 April 1999 as a self-regulatory institute for the investment sector. DSI Foundation’s core task is to work with the sector to ensure that society has greater trust in the financial sector. DSI does that by:

  • Formulating norms for knowledge, skills en integrity;
  • Accrediting examinations and educational programmes;
  • Certifying professionals who meet the stated DSI norms, and listing these professionals in the DSI Public Register;
  • Holding Certified Professionals accountable for violations of the DSI Code of Conduct through DSI Ethics Enforcement.

Employment screening of DSI certified persons

An employment screening is part of a certification application at DSI. With this we provide an extensive check of professionals in the field of work experience and training at the front of a DSI registration. To carry out this employment screening, the board of DSI has opted for the services of Validata Group. DSI currently carries out this screening itself. The collaboration is expected to start after the summer. DSI participants will receive further notice from which date this will be.

Why Validata Group

Validata Group is a professional screening organisation with many years of experience in the field of employment screening Validata places a high value on quality certifications (incl. ISO), IT security and privacy. Validata has a modern IT platform that supports or facilitates all of the most common connections with (potential) customers’ HR software applications. Plus, Validata already serves many major employers in the financial sector. That gives us every confidence that Validata is the high-quality professional and flexible partner with whom DSI and our clients can do business, both today and in the future.

Questions about the competence of investment professionals?

If you have any questions about DSI Certification, please visit the FAQ page with answers to the most frequently asked questions. If you cannot find your question in the FAQ page, or you need personal advice about requesting a specific certification, please feel free to contact us by mail at: certificering@dsi.nl or call us at 020-6201274. We would be happy to help you!

DSI stopped screening professionals

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Starting from 1 April 2022, it is no longer possible to request a DSI screening if the screening is not part of a DSI certification process. DSI will cease conducting screenings entirely as of 30 June 2022. DSI will continue with screenings as part of a DSI certification request for the time being.

Focus on core task

The DSI Foundation has decided to scale back DSI’s screening activities in 2022. This choice was motivated by the foundation’s aim to focus on its core task. DSI was founded more than 20 years ago as a self-regulation institution for the financial sector. DSI Foundation’s core task is to work with the sector to ensure that society has greater trust in the financial sector. DSI does that by:

  • Formulating norms for knowledge, skills en integrity;
  • Accrediting examinations and educational programmes;
  • Certifying professionals who meet the stated DSI norms, and listing these professionals in the DSI Public Register;
  • Holding Certified Professionals accountable for violations of the DSI Code of Conduct through DSI Ethics Enforcement.

DSI will continue to conduct screenings as part of a DSI certification

DSI will continue to conduct screenings as part of a DSI certification. DSI ceased conducting screenings that are not part of a DSI certification request as of 1 April 2022.

Alternative for new screenings after 1 April 2022: Validata Group

DSI strives to offer its screening clients a quality alternative for employee screenings. So we are pleased to announce that after a careful selection process, the Board of DSI has chosen Validata Group to conduct employee screenings.

Why Validata Group?

Validata Group is a professional screening organisation with many years of experience in the field of employment screening Validata places a high value on quality certifications (incl. ISO), IT security and privacy. Validata has a modern IT platform that supports or facilitates all of the most common connections with (potential) customers’ HR software applications. Plus, Validata already serves many major employers in the financial sector. That gives us every confidence that Validata is the high-quality professional and flexible partner with whom DSI and our clients can do business, both today and in the future.
Validata Group would be happy to discuss a potential partnership for screening your organisation’s employees. Click here for more information about Validata Group, their work methods, screening solutions and rates.

DSI will process current screening requests until 1 May 2022.

DSI will continue to process screening requests received before 1 April 2022. Professionals that had a request open on 1 April 2022 will have until 1 May 2022 to submit all of the necessary information. If the submission is not complete by then, DSI will no longer issue a screening report.

All open screening requests must be completed by no later than 30 April 2022.

On 1 May 2022, all screening requests with the following statuses will be archived:

  • Status ‘New’
  • Status ‘Incomplete’
  • Status ‘Not complete’

DSI will no longer issue screening reports for these screening requests after the deadline.

Special rate for screenings with the status ‘Not complete’

DSI will not send an invoice for every open screening request. Screening requests with the status ‘Not complete’ on 1 May 2022 will be billed for only 50% of the relevant screening fee. A standard DSI Pre-Employment Screening will cost € 67 ex VAT, or 50% of € 134 ex VAT. DSI will charge this amount for screening requests with the status ‘Not complete’, because DSI Screening Officers have worked on the requests and the request has been returned to the applicant to respond to feedback from DSI. This is not the case for other statuses, such as ‘Incomplete’, for which the DSI Screening Officers have not yet begun work.

The MijnDSI Employer Portal dashboard shows which screenings are linked to you as an employer, and their status.

Do you have any further questions?

If you have any questions about DSI Certification, please visit the FAQ page with answers to the most frequently asked questions. We have created this DSI Certification FAQ page to offer you as a professional or employer practical tips on how to find your way in the DSI Certification process. The site also explains how to use the MijnDSI environment.

If you cannot find your question in the FAQ page, or you need personal advice about requesting a specific certification, please feel free to contact us by mail at: certificering@dsi.nl or call us at 020-6201274. We would be happy to help you!

Floris Mreijen new Director of DSI Foundation

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The Board of the DSI Foundation is pleased to welcome Floris Mreijen as the new Director of the DSI Foundation as of 1 April 2022. He will take over from Joost Melis, who served in the position on an adjunct basis.

Floris Mreijen has served in a variety of leadership positions at the Nederlandse Vereniging van Banken (Dutch Banking Association, NVB) for the past several years, where he acquired a wealth of experience and knowledge in managing and developing the vital branch association for the financial sector. Throughout his career, Floris Mreijen has advocated for issues related to integrity, sustainability, and the consumer’s trust in financial institutions. Floris’ most recent post was as Adjunct Director of the NVB.

DSI Board President Tanja Nagel is pleased with Floris Mreijen’s arrival: “The needs of consumers, professionals and financial institutions is subject to many changes, and DSI must continue to adapt to these changes. Moreover, fair and honest behaviour and professional expertise are essential issues in our sector and in society at large. We appreciate that Floris Mreijen will now devote his knowledge, experience and network for the benefit of our foundation. Together, we will continue to build the DSI Foundation and strengthen the public’s trust in the investment sector.”

DSI Foundation wishes to thank Joost Melis for his contributions to strengthening trust in the investment sector as Adjunct Director of DSI.

ESMA Final objectives updated

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DSI, together with its advisory committees and accreditation committee, has updated the so-called final objectives for the initial examinations of DSI-ESMA registers. Following on from this, we have asked the DSI accredited educational institutions to adjust the initial exams as well. With this, investment professionals entering from 1 January 2023 will take an exam that responds to the most important developments in recent years.

A DSI certified investment professional meets the legal professional competence requirements. This professional has completed the necessary DSI-accredited exams and will complete the Continuing Professional Education Program. The exams meet the legal requirements drawn up by ESMA a few years ago.

On the basis of these legal requirements, DSI, together with its advisory committees and accreditation committee, has established so-called attainment targets. The accredited exams are derived from this. This ensures that legally required knowledge components are part of the exams.

Because these attainment targets were established a few years ago and additional themes have been added to the program in recent years (via the Continuing Professional Education program), DSI found it necessary to update the initial attainment targets. These have since been updated and adopted by the advisory committees and the accreditation committee. Look here for the updated final objectives.

We have asked trainers to update the initial exams on the basis of these new attainment targets. It is expected that these updated exams will be administered from 1 January 2023. Of course, this update has no consequences for certified persons who have already completed the exam and who follow the Continuing Professional Education program. The update is intended to allow investment professionals entering the field to take an exam, including the most important developments from recent years.

Do you have questions about the updated learning outcomes or general questions about the ESMA exams? Please contact our Certification department: certification@dsi.nl.

Stichting DSI focuses on core task

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The Board of Stichting DSI has decided to phase out its screening activities in 2022. The choice was prompted by the foundation’s wish to focus again on its core tasks.

The core task of the Stichting DSI, together with the sector, is to ensure greater public confidence in the investment sector. DSI does this by:

  • Formulating standards for knowledge, skills and integrity;
  • Accrediting exams and training programs;
  • Certifying professionals who comply with the standards drawn up by DSI and registering these professionals in the DSI Public Register;
  • Addressing certified persons who violate the DSI code of conduct through DSI Disciplinary Law.

DSI Screening

In addition to employers from the investment sector, other employers from the financial sector also use DSI Screening, such as accountants. The personnel screening market is developing rapidly. To remain successful in personnel screening and to continue to meet customer needs, DSI needs substantial investment budgets and capacity to respond to developments. As a foundation, DSI does not have these budgets and capacity. The available budget and available capacity are necessary to fulfill the core task: ensuring greater public confidence in the investment sector.

What does this mean for DSI Screening customers

DSI is phasing out DSI Screening. The dismantling will not start immediately. Until at least the first quarter of 2022, the screening of personnel will be carried out by DSI. DSI strives to outsource the screening of personnel to a third party and periodically informs its customers about the progress.

What does this mean for DSI Certificering customers

DSI focuses on certifying professionals from the investment sector. DSI continues to screen existing and new staff for employers in the investment sector. For the time being, DSI will continue to do this itself. The screening of personnel will be carried out by DSI at least until the first quarter of 2022. DSI strives to outsource the screening of personnel to a third party. Of course, when selecting a third party, DSI takes the security & privacy requirements of our customers into account.

What this means for DSI employees

The employees of DSI were informed about the board decision in the morning of November 23, 2021. DSI periodically informs its employees about the progress and possible consequences of this decision.

Questions?

Do you have questions about this? For more information, please contact: pers@dsi.nl and/or telephone number: 020-765 28 88.