Institutional Investment Advisor

DSI ESMA Register

The DSI Institutional Investment Advisor register comprises experts who advise professional investors on complex investment products such as stocks, bonds, investment funds, and derivatives. Registration in this register confirms that the investment advisor meets the stringent competency standards of both DSI and ESMA.

How do you apply for this certification?

Various requirements apply for admission and maintenance of this certification, ranging from admission criteria to mandatory participation in a Continuing Professional Education Program. Below is an overview of the requirements.

Certification always begins with registration at DSI. You can do this via MyDSI. This can be done before you meet all the requirements. We will then register you as a candidate-certified. Once you fully meet all the requirements, we will convert your registration to certified. View here step-by-step the application process for certification at DSI.

Admission requirements

  • General admission requirements
    • The employer or client must be a DSI participant;
    • The candidate must complete a registration screening;
    • The candidate must agree to, and abide by the DSI Code of Conduct;
    • The candidate must maintain their level of knowledge of legislation and regulations;
    • Since 2020, DSI-certified investment professionals must participate in an annual programme to maintain their professional expertise: the Continuing Professional Education Programme. For more information, click here.
  • Integrity

    For access to the financial sector and DSI registration, ethical behavior is crucial. As a certified individual, you are required to successfully complete the DSI Integrity Module. This module consists of two parts, for which you can enroll via the Dutch Compliance Institute:

    If you hold a CFA Level 1 or VBA diploma, you are exempt from the Workshop. In that case, you only need to complete the E-learning module.

  • Knowledge & Skills

    If you wish te be certified for the DSI Institutional Investment Advisor register, you need to succeed an exam at The Ministry of Compliance (TMoC). Depending on your previous education, you can choose a specific education.

    Educational institutions

    New deficiency programs

    Have you already successfully completed the Knowledge component – for example because you are already (candidate) certified in the Advising or Institutional Informing register at DSI – and do you only need to complete Skills? TMoC has the DSI Deficiëntie Beleggen Institutioneel Vaardigheden training available for this.

    For institutional professionals who are already certified in the register DSI Informeren Beleggen Institutional, TMoC has a shortened exam available – DSI Deficiëntie Beleggen Institutioneel Informeren – Adviseren

  • Work experience

    During a 12-month period (fulltime equivalent) over the past five years, the Certified Professional has spent a substantial portion of his/her time on register-related activities, whether in the current position or in previous positions.

  • Certification fees

    You can find the fees for DSI Certification here.

Institutional Investment Advisor

For professionals who advise professional investors on suitable investment solutions

What does the Institutional Investment Advisor register entail?

More information

Which professionals are listed in the register?

More information

What does the Continuing Professional Education Program entail?

More information

What does the register entail?

The DSI Institutional Investment Advisor register is intended for professionals who advise professional investment clients about suitable investment solutions. These investment solutions may involve standard solutions or bespoke solutions, depending on their suitability for the client.

A registered professional must comply with the ESMA guidelines in the areas of knowledge and competency. The AFM considers the successful completion of a DSI-accredited examination to be a suitable qualification, in accordance with the ESMA guidelines. These guidelines serve in part to protect the investor and encourage the sector to work fairly, honestly, transparently and efficiently.

Registered professionals may have one of two statuses: Certified Professional or Candidate Certified Professional. Both must comply with the Code of Conduct drawn up by DSI. The difference is in the level of education or work experience the professional has acquired. A professional can receive the status of candidate certified if they do not meet all of these requirements.

Certified Professionals listed in the DSI Institutional Investment Advisor register have successfully completed examinations for knowledge and skills. During a 12-month period (fulltime equivalent) over the past five years, they have spent a substantial portion of their time on register-related activities, and have participated in the annual DSI Continuing Professional Education programme.

Who is listed in the register?

The DSI Institutional Investment Advisor register lists professionals employed in the investment sector, for example as an investment advisor or asset manager. These professionals work for a company or organisation that advises professional clients (such as pension funds) about investment solutions, such as equity and bond investment funds. The recommendations may include standard investment solutions or bespoke solutions, depending on what is most suitable for the client.

What must a registered professional know?

The knowledge that a professional registered in the Institutional Investment Advisor register must possess is listed in the DSI qualifications. These qualifications were drawn up by the DSI advisory committees and DSI Accreditation Committee, and are based on the legal requirements stipulated by ESMA a few years ago.

As a professional investment advisor, you must meet the MiFID II requirements for professional expertise. The ESMA Guidelines for Institutional Investment Advisor are based on these requirements. A professional listed in the DSI Institutional Investment Advisor register has acquired sufficient knowledge in the following areas:

  • Risks and characteristics of investment products
  • Costs of investment products and services
  • Providing information
  • Suitability requirements for the recommendation, composition and management of the portfolio
  • Basic principles of wealth management
  • Advisory process and investor behaviour
  • Performance- and scenario-analysis
  • Valuation methods
  • The operation of financial markets
  • The impact of macro-economic developments on financial markets and assets
  • Recognising market manipulation and combatting money laundering

Continuing Professional Education Program

Keeping your DSI certification up-to-date

As a DSI (Candidate) Certified Professional listed in the Institutional Investment Advisor register, you are required to successfully complete the Continuing Professional Education program each year. You can choose from a variety of education institutions that are accredited to provide the Continuing Professional Education program.

Educational Institutions

Successful completion of the DSI Continuing Professional Education programme indicates that you have met all of the legal requirements for certification. More information about the Continuing Professional Education programme can be found here.

Please note: You are free to choose your preferred provider. We recommend that you ask your employer if the organisation has made any collective agreements with the education providers.

More information

If you have any questions about the DSI Institutional Investment Advisor register, and cannot find the answers in the FAQ page, please contact one of our DSI Cusomer Care Officers. We would be happy to help you! You can contact us by e-mail via the contactform or by calling 020-6201274.