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Version date: 18 December 2017 - onwards

Question 9 Periodic reporting of how the investment meets the client's preferences, objectives and other characteristics of the retail client [Last update: 18 December 2017]

Art. 25(6) of MiFID II Art. 60 of the MiFID II Delegated Regulation

When providing portfolio management, how does investment firms’ periodic reporting obligation under sub-paragraph 4 of Article 25(6) of MiFID II relate to the ex-post reporting obligations under Article 60 of the MiFID II Delegated Regulation?

Answer 9

In ESMA’s view, when providing portfolio management to retail clients, investment firms should comply with their obligation under sub-paragraph 4 of Article 25(6) of MiFID II by providing the additional information on how the investment meets the client’s preferences, objectives and other characteristics in the context of the periodic ex-post report required under Article 60 of the MiFID II Delegated Regulation.

In particular, it would be reasonable to expect that investment firms should follow the deadlines specified in paragraph 3 of the above-mentioned Article 60 of the MiFID II Delegated Regulation, whereas regarding the format, it should be left to firms to

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