MiFID_II_EN

19 MiFID II aims to ensure that the customers understand the costs they pay when purchasing a product or service. This is why all costs related to investment service providing and investment instruments must be aggre- gated. That way, customers see the impact of these costs on their return on investment. The financial institution must present that aggregated total in one single amount (both in cash and as a percentage). This will be clearly presented in an illustration (e.g. graph) with complementary explanation. Increased cost transparency. What does that involve? In Belgium, employees with financial institutions must already meet ex- tensive training requirements . They must complete training on invest- ment products and services and pass a test on the subject in training pro- grams approved by the FSMA. In this respect, MiFID II does not change that much for the Belgian market. From now on, employees who are in contact with customers will have to know, understand and be able to ex- plain the essential characteristics of the products offered to the custom- ers even better than before (e.g. whether the product includes capital protection, taxation of revenue, what happens if the interest rates fluctu- ate, the appropriate investment period, …). More education and training for employees. Is that necessary?