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Retail Investment Advisor Custom Products

DSI Register

The Retail Investment Advisor Custom Products register lists professionals who advise non-professional investment clients. Investment products like equities, bonds, investment funds and derivatives can be highly complicated. The constant innovations and changes in the field of investment can make them even more complex, so non-professional clients must be protected from making detrimental decisions.

As a professional investment advisor, you must therefore meet certain requirements for professional expertise. A listing in the Retail Investment Advisor Custom Products register shows that the professional meets the requirements stipulated by DSI and ESMA.

What does the Retail Investment Advisor Custom Products register entail?

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Which professionals are listed in the register?

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Which conditions does DSI place on admission to the register?

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Retail Investment Advisor Custom Products

For professionals who advise non-professional clients about investment solutions

What does the register entail?

The Retail Investment Advisor Custom Products register is intended for professionals who advise non-professional investment clients about 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 Retail Investment Advisor Custom Products 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 program.

Who is listed in the register?

The Retail Investment Advisor Custom Products register lists professionals employed in the investment sector in departments such as an exchange order line or investment operations. These professionals work for a company or organisation that advises private clients 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 Retail Investment Advisor Custom Products 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 Retail Investment Advisor Custom Products are based on these requirements. A professional listed in the DSI Retail Investment Advisor Custom Products 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

Registration conditions

Which conditions does DSI place on admission to the register?

Admission to the register and maintenance of the certification status are subject to a variety of requirements. These requirements vary from admission standards to the obligation of participating in a Continuing Professional Education programme. A list of the various requirements and information about the Continuing Professional Education Programme are provided below.

Admission requirements

  • General admission requirements
    • The employer or client must be a DSI participant;
    • The candidate must complete a registration screening, unless previously screened by AFM/DNB for current position;
    • 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

    The DSI Retail Integrity Program must be successfully completed. This program consists of the following 2 elements:

    • E-learning Retail from the Dutch Compliance Institute (Integrity Module)
    • Workshop Integrity and critical judgment (retail variant) from the Dutch Compliance Institute.

    If you have a CFA level 1 or VBA diploma, you are exempt from the Workshop element. You then only have to do the E-learning module.

  • Knowledge

    If you wish to be certified in the Retail Investment Advisor Custom Products register, you can choose from a variety of education institutions that are accredited to administer examinations. These parties also offer educational programmes to help you prepare for the exams. 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.

    Educational institutions

    • NIBE-SVV: ESMA Retail knowledge exam Adviseren Maatwerk
    • Dukers & Baelemans: ESMA knowledge exam Adviseren Beleggen Maatwerk Retail. This exam is administered by the Examen Instituut Financiële Dienstverlening, the examination institute of Dukers & Baelemans.
    • Lindenhaeghe: MiFID / ESMA knowledge exam Adviseren Beleggen Maatwerk (Retail)
  • Skills

    Since 2018, professionals listed in the Retail Investment Advisor Custom Products register are required to meet the professional expertise standards stipulated by MiFID II and the ESMA Guidelines. This includes the successful completion of a skills exam. The exam proves that you as a professional possess the necessary skills to perform your work in a competent manner.

    Educational Institutions

    The successful completion of a skills exam only applies for the first time you request certification in a register (the initial study programme). There are several accredited skills examination providers available. 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.

  • 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.

Continuing Professional Education: keeping your DSI Certification up to date

As a DSI (Candidate) Certified Professional listed in the Retail Investment Advisor Custom Products 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 Retail Investment Advisor Custom Products register, and cannot find the answers in the FAQ page, please contact one of our DSI associates. We would be happy to help you! You can contact us by e-mail via certificering@dsi.nl or by calling 020-6201274.