CISI announces partnership with Baltic IFA group

The Chartered Institute for Securities & Investment (CISI) has announced a partnership with the Baltic Financial Advisors Association (BFAA) that it says will be a “good for consumers and practitioners”.

The BFAA is a not-for-profit organisation formed jointly by the Estonian, Latvian and Lithuanian Banking Associations, and is supported by the largest banks in the Baltics. It plans to operate a qualification and licensing system for professionals operating in the region who provide investment advice or who are insurance intermediaries, CISI and the BFAA said in a statement announcing the new deal.

The BFAA was founded in 2015, and is currently developing its own licensing exam to meet the European and Markets Authority (ESMA) and the Insurance Distribution Directive (IDD) guidelines.

The agreement between the two bodies means that the CISI has given permission to the BFAA to use the material from the relevant CISI qualification syllabi and workbooks in developing its own learning material, the organisations said. The collaboration between the two organisations will also mean they will now be able to hold joint events, for industry practitioners.

The BFAA has also agreed to recognise two of CISI’s qualifications as equivalent to its own licensed qualifications, increasing CISI’s formal recognition by regulatory authorities to a total of 45 jurisdictions.

In addition, CISI will recognise the BFAA’s Investment Advisor qualification in satisfying the requirement for Associate Membership of CISI (ACSI).

ESMA guidelines 

The announcement of the new partnership between CISI and the BFAA comes as European advisers and investment professionals prepare for the new ESMA guidelines that are due to come into force in January of next year, as outlined in the new MiFID II regulations.

CISI published as ESMA guidance booklet last year, which it describes as “a toolkit for firms and regulators across the EU member countries who will need to comply with these new MiFID II regulations if they want to work with consumers”.

CISI global business development director Kevin Moore (pictured above, right, with Marge Tooming-Pullisaar, chief executive of the BFAA), said in a statement that his organisation was “extremely pleased” to be working with the BFAA, which he noted shared CISI’s ethos, and its “dedication to maintaining and raising standards in the investment advice market”.

 

London-based CISI works with financial services regulatory authorities in 45 countries around the world. Within the EU its links with these authorities are in Cyprus, Germany, Greece, Malta, Netherlands, Republic of Ireland and the UK.

CISI has members in 25 EU member countries, and in 2015 aspiring CISI qualifications-holders sat the organisation’s exams in 24 of them. Globally it has some 40,000 members in 116 countries.

ABOUT THE AUTHOR
Helen Burggraf
Helen Burggraf is the editor of International Investment. A US-trained journalist, she has worked in Rome, New York City and London, covering everything from the fashion and retailing industries to the global drinking water and water-treatment sector, private equity, and most recently, the international cross-border financial services/advice industry.

Read more from Helen Burggraf

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