The Financial Supervision Authority is creating a guide for financial advisors. It will help them understand how laws regulate their work. Some people fear that they will no longer be able to work in the same way.
In Estonia, it happened that an investment advisor left investors without money. Therefore, the Financial Supervision Authority decided to create a guide. It will help people be more aware of the laws.
Andre Nõmm from the Financial Supervision Authority says that giving investment advice has long been regulated. If someone recommends buying or selling securities, they must have a license. However, general investor education is allowed and recommended.
Some investment trainers are concerned. They say that the new rules may make their work more difficult. Juhan Lang, head of the investment sector at Äripäev, thinks that a new guide is not needed. He believes that the laws already regulate this field sufficiently.
Nelli Janson, head of the LHV investor community, thinks that clarity is always good. She says that when speaking to a large audience, people should be especially careful. Words should be thought through because there are many and diverse listeners.
The Financial Supervision Authority hopes to complete the guide by the beginning of next year.