The Dutch Authority for the Financial Markets has published an external audit of its covenant with Stichting DSI on the professional competence of investment professionals, concluding that the arrangement is an efficient and effective tool within the AFM's risk-based supervision. The covenant helps investment firms demonstrate that staff who inform or advise on investments meet professional competence requirements under MiFID II and the Dutch Financial Supervision Act, and AFM and DSI plan to renew it when it expires at the end of 2026. KWINK group, which carried out the audit between June 2025 and January 2026, found broad support among participating institutions for DSI certification but identified weaknesses in the system. A significant number of individuals complete DSI-accredited training without registering in the relevant DSI register, so they are not listed there as professionally competent and do not contribute to DSI. The audit also found that parts of the training and examination offering do not fully match practice and that monitoring could be improved. AFM noted that DSI registration is a supporting tool rather than a legal requirement, and supervised firms can demonstrate staff competence in other ways. The planned renewal is intended to incorporate KWINK's recommendations, including measures to increase registration after DSI-accredited training, improve alignment between training, examinations and practice, and strengthen monitoring. AFM will also take into account findings from its recent information requests to investment firms and banks on how they ensure the competence of staff who provide investment information and advice. A new covenant is expected to be published in the autumn.
Dutch Authority for the Financial Markets 2026-05-08
Dutch Authority for the Financial Markets plans to renew DSI professional competence covenant after audit finds it effective despite registration and monitoring gaps
The Dutch Authority for the Financial Markets has published an external audit of its covenant with Stichting DSI on the professional competence of investment professionals. The audit by KWINK group concludes the arrangement is an efficient, effective tool within the AFM’s risk-based supervision and will be renewed at the end of 2026. It found broad support for DSI certification but highlighted low registration rates after DSI-accredited training, misalignment between training, examinations and practice, and scope to improve monitoring. The renewal will incorporate these recommendations and reflect AFM’s recent information requests to investment firms and banks on how they ensure staff competence.