Article 325-24 into force since 08 June 2018

I. - Financial investment advisers who are natural persons, natural persons empowered to manage or administer legal entities authorised to act as financial investment advisers and natural persons employed to carry on the activity of financial investment advice shall prove they satisfy knowledge level requirements specified in Point 1° of II of Article 325-26.

II. - Associations authorised under Section 6 shall, no later than 31 December 2019, verify the knowledge level of the people described in I when they have taken office on or before that date.

III. - As from 1 January 2020, the verification of the knowledge level of the people described in I shall be made with one of the examinations described in Point 3° of II of Article 312-5.

The people described in I shall have six months from the date on which they start to carry out their activity to demonstrate the minimum knowledge level described in I.

However, where an employee is recruited to carry out the business of financial investment advice under a temporary employment contract, an apprenticeship or training contract or a training course, the financial investment adviser may decide to not require for that person to meet the condition stated in I. If the financial investment adviser decides to recruit that employee at the end of the contract or training course, the adviser must ensure that he or she has sufficient level of knowledge as described in I, under the terms referred to in the preceding paragraph.

The financial investment adviser shall ensure that employees whose minimum knowledge has not been fully verified are appropriately supervised.

IV. - People described in I that have passed one of the examinations described in Point 3° of II of Article 312-5 are deemed to have the minimum level of knowledge required to carry out the activities assigned to them.