'Poisson d'Avril': EU to introduce compulsory French exam for wealth managers under MiFID II

Set for implementation by the European Securities and Markets Authority (ESMA), Commission officials told the European Parliament that the new guidelines will guarantee a common understanding between European investors, advisers and asset managers, who often sell cross-border products. In particular, investment advisers and asset managers will be tested on whether they can explain market movements in French, and how a client's portfolio has performed in recent months. Speaking this morning, a representative MEP said: "Pendant trop longtemps, les investisseurs européens ont été vendus ...