Updated 05/02/2025
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MCD ToolMortgage Credit Directive (MCD)
ANNEX III

ANNEX III - Directive 2014/17/EU (MCD)

ANNEX III

MINIMUM KNOWLEDGE AND COMPETENCE REQUIREMENTS

1.

 The minimum knowledge and competence requirements for creditors’, credit intermediaries’ and appointed representatives’ staff referred to in Article 9 and for persons involved in the management of credit intermediaries or appointed representatives referred to in point (c) of Article 29(2) and Article 31(2) need to include at least:

(a)

appropriate knowledge of credit products within the scope of Article 3 and the ancillary services typically offered with them;

(b)

appropriate knowledge of the laws related to the credit agreements for consumers, in particular consumer protection;

(c)

appropriate knowledge and understanding of the immovable property purchasing process;

(d)

appropriate knowledge of security valuation;

(e)

appropriate knowledge of organisation and functioning of land registers;

(f)

appropriate knowledge of the market in the relevant Member State;

(g)

appropriate knowledge of business ethics standards;

(h)

appropriate knowledge of the consumer’s creditworthiness assessment process or where applicable, competence in assessing consumers’ creditworthiness;

(i)

appropriate level of financial and economic competency.

2.

 When establishing minimum knowledge and competence requirements Member States may differentiate between the levels and types of requirements applicable to the staff of creditors, the staff of credit intermediaries or appointed representatives and the management of credit intermediaries or appointed representatives.

3.

 Member States shall determine the appropriate level of knowledge and competence on the basis of:

(a)

professional qualifications, e.g. diplomas, degrees, training, competency tests; or

(b)

professional experience, which may be defined as a minimum number of years working in areas related to the origination, distribution or intermediation of credit products.

After 21 March 2019, the determination of the appropriate level of knowledge and competence shall not be based solely on the methods listed in point (b) of the first subparagraph.