ESMA_QA_1808
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1808
Regulatory Context
Regulation : MIF2
Level 1 Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Reporting to clients
Subject Matter: Post-sale reporting
Question
Submission Date: 03 October 2017
Article 62(2) of the MiFID II Delegated Regulation states “…Reporting under this paragraph should be on an instrument-by-instrument basis, unless otherwise agreed with the client…What kind of flexibility could be allowed by such an agreement with clients?
ESMA Answer
Answer Date: 03-10-2017
[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 8, question 8] Under Article 62(2) the MiFID II Delegated Regulation, investment firms should have the possibility to agree with their clients on the possibility to assess the 10 % depreciation on a aggregated basis, for example:
on the overall value of the portfolio, as required under Article 62(1) the MiFID II Delegated Regulation; on the global value of all leveraged financial instruments or contingent liability transactions in the client’s portfolio.
In any case, the client should give his/her express consent to assess the 10% depreciation on an aggregated basis and the client should have the capacity to terminate it at any time.
This document was automatically extracted from the ESMA EMIR Q&A database.