Consultation Paper Responses

In April 2011, the Australian Securities & Investment Commission’s (ASIC) issued Consultation Paper 153 outlining a proposed framework intended to maintain and enhance the competence of financial advisers.

This consultation paper seeks feedback on a proposed assessment and professional development framework for financial advisers in Australia. The proposed framework is intended to enhance and maintain the competence of financial advisers, lead to improvements in the quality of advice, and increase consumer confidence. The paper includes an outline of the current training and competence requirements for financial advisers under Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146), informal consultation we have undertaken and a proposed three-stage assessment and professional development framework.

Subsequent to initial responses from CFA member societies in Australia, ASIC issued additional questions.

On 25 September 2013, CFA societies in Australia responded to ASIC Consultation Paper 212 - Licensing: Training of financial product advisers – Update to RG 146.

On 1 November 2014, CFA Institute responded to The Investment Industry Regulatory Organization of Canada’s (IIROC) consultation paper 14-081 (“the Notice”) related to the next phase of the IIROC proficiency assurance model with respect to the licensing of IIROC Approved Persons.

On 10 July 2015, CFA Institute responded to the European Securities and Market Authority’s (“ESMA”) consultation paper pertaining to draft guidelines for the assessment of knowledge and competence of individuals working in MiFID firms that provide investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm.

On 15 March 2011, CFA Institute responded to the European Commission's consultation paper on the Professional Qualifications Directive. The purpose of this consultation paper was to seek comment on several proposals by the Commission for encouraging the mobility of professionals throughout the European Union.

On 1 April 2014, CFA Institute responded to the proposed guidelines released by the Capital Markets Board of Turkey (CMBT) for licensing examinations of Capital Markets Professionals.