DSI ESMA Register
The Retail Investment Information Provider register contains experts who provide non-professional investors with insights into complex investment opportunities, including stocks, bonds, investment funds, and derivatives. Obtaining certification in this DSI register confirms that financial professionals meet the stringent competency standards of both DSI and ESMA.
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.
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.
If you wish to be certified in the Retail Investment Advisor Standard 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.
Since 2018, professionals listed in the Retail Investment Advisor Standard 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.
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.
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.
You can find the fees for DSI Certification here.
For professionals who advise non-professional clients about investment solutions
The Retail Investment Advisor Standard Products register lists professionals who advise non-professional investment clients about standard investment solutions. These investment solutions were developed and initiated by a qualified third party, which means that the professional in question did not develop or conceive them.
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 Standard Products register have successfully completed examinations for knowledge and skills. During a 12-month period 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.
The Retail Investment Advisor Standard 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 a standard investment product, such as equity and bond investment funds.
The thing all of the registered professionals have in common is that they advise non-professional investors, such as private individuals, and that the products they advise about were initiated by third parties.
The knowledge that a professional registered in the Retail Investment Advisor Standard 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 Standard Products are based on these requirements. A professional listed in the DSI Retail Investment Advisor Standard Products register has acquired sufficient knowledge in the following areas:
Keeping your DSI certification up-to-date
As a DSI (Candidate) Certified Professional listed in the Retail Investment Advisor Standard Products register, you are required to successfully complete the Continuing Professional Education programme each year. You can choose from a variety of education institutions that are accredited to provide the Life-Long Learning programme.
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.
If you have any questions about the Retail Investment Advisor Standard Products 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.