Rik Albrecht, CFA, CPE

Workshop on ethics for MiFID II


Guideline 14: Firms should ensure that staff providing relevant services possess the necessary knowledge and competence to meet relevant regulatory and legal requirements and business ethics standards. A firm provides regular mandatory training to staff in the area of MiFID conduct of business, and organisational requirements. The firm adopts a code of ethics to set forth the standards of business conduct and behaviour necessary for the proper provision of relevant services and obtain written acknowledgements from staff that they have read, understood and complied with it.

ESMA Guidelines for the assessment of knowledge and competence (3 January 2017)


Q: Moet ik het integriteitsprogramma van DSI gedaan hebben om aantoonbaar vakbekwaam te zijn volgens ESMA? A: Nee. DSI stelt het DSI-integriteitsprogramma als één van de verplichte voorwaarden voor toetreding tot het DSI-register. Deze route heeft de voorkeur van de AFM. Kiest u voor een andere route dan DSI-certificering dan hoeft een DSI-integriteitsprogramma daar geen deel van uit te maken, wel moeten ondernemingen ervoor zorgen dat personeel over de nodige kennis en bekwaamheid beschikt om aan de geldende wet- en regelgevingseisen en normen op het gebied van bedrijfsethiek te voldoen (richtsnoer 14). De onderneming dient vast te leggen op welke wijze ervoor is gezorgd dat het personeel over deze kennis en bekwaamheid beschikt en moet dit aan kunnen tonen.

AFM Veelgestelde vragen over de ESMA-richtsnoeren kennis en bekwaamheid (10 juli 2019)
Course outline
  • Focused on MiFID II
  • Designed for staff of investment managers
  • Case studies with real live situation of investment managers
  • 3 hour workshop; including 15 minutes break
  • Minimum 9, maximum 16 participants per class
  • Participants receive a certificate
  • English & Dutch
  • Interactive workshop with participation
  • 1st hour: Discussion of theory and ethical dilemma's
  • 2nd hour: In small groups, participants develop 2 of their own cases
  • 3rd hour: Presentation and discusion of participants cases

Why ethics matters

For the ultimate benefit of society we need efficient capital markets that can only exist based on trust
Rules and regulations can only prevent doing what's wrong; ethics stimulates doing what's right

You are hired not only because of your expertise but also because of your professional judgment

Objective of the workshop


Create a Culture of Ethics

Why a workshop on ethics?


There are truly sinister business people with sinister intentions, but for the most part, ethical and legal lapses are the stuff of average people who know better

John Dalla Costa

More needed than good intentions

Robert A. Prentice

Learning Outcome Statements

The student...
is conscious of ethical biases
has knowledge of ethical principles
can recognise ethical dilemma’s
can take appropriate action

Ethical Principles

Clients interest come first
Preservation of confidentiality
Avoid/manage conflicts of interest
Full and fair disclosure
Fair dealing
Reasonable care and prudent judgment
Maintain independence and objectivity
Based on the Code of Ethics and Standards of Professional Conduct of CFA Institute


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Workshop on ethics for MiFID II

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Workshop on ethics for MiFID II

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Workshop on ethics for pension funds

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University of Amsterdam

CFA Level I ethics exam training

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Tilburg University

CFA Level I ethics exam training

Marcus Evans

Workshop on ethics for investment consultants

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CFA Society VBA Netherlands

Workshop on ethics for investment professionals

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Pelargos Capital

Workshop on ethics for MiFID II

Who should attend?

Investment Managers
Pension Funds
Investment Consultants
Insurance Companies
Finance Students
Risk Managers
Relationship Managers
Product Developers



Tiktok video's on ethics

Below is just one video displayed. On TikTok you will find several more of my video's on ethics.


Rik Albrecht, CFA, CPE
  • CFA Institute certified ethics trainer
  • Member Standards of Practice Council CFA Institute 2011- 2018 (ethics committee)
  • Professional Pension Fund Trustee and Chairman Investment Committee
  • Investment Consultant
  • Portfolio manager
  • Chartered Financial Analyst and Certified Pension Executive

The gold standard in the investment profession
Financial Times

Contact: +31610676056
E-mail: via LinkedIn


CFA Institute ziet er op toe dat iedere CFA charterholder zich aan de Code and Standards houdt. Inbreuk op deze regels kan aanleiding geven tot het intrekken van het recht op het gebruik van de CFA titel.

Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients’ interests before their employer’s or their own interests. In relationships with clients, Members and Candidates must determine applicable fiduciary duty and must comply with such duty to persons and interests to whom it is owed.
Artikel III(A) van de Standards of Professional Conduct van CFA Institute
© 2019 Rik Albrecht, CFA, CPE