ESMA_QA_2618
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2618
Regulatory Context
Regulation : MIF2
Level 1 Regulation: Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
Level 2 Regulation: Regulation 2017/565 - MiFID II Delegated Regulation
Level 3 Regulation: ESMA35-43-869 - Guidelines - Suitability (MiFID)
Topic: Suitability
Subject Matter: Arrangements necessary to understand clients
Question
Submission Date: 25 July 2025
In order to comply with the duty to obtain the necessary information regarding the client’s knowledge and experience, financial situation, and investment objectives, shall the Investment firms questionnaire/approach follow this exact sequence, i.e., shall the investment firm inquire the client, in a first moment, about its Knowledge and Experience on a specific instrument/ service, and then about the client’s financial situation and his investment objectives ?
ESMA Answer
Answer Date: 18-09-2025
Dear Madam, Thank you for contacting ESMA. ESMA is committed to replying to questions from market participants and to develop them to Q&As. However, due to the significant number of questions received, ESMA is not in the position to address all issues raised by market participants and has to prioritise them. The selection of questions to be developed into Q&As through this web-based tool is done taking into account a number of criteria related to the level of public attention and relevance of the topic from an overall EU perspective, also taking into account the type of stakeholder represented. Having carefully considered your question and considering the above criteria and current number of questions that have been addressed to us recently, ESMA will unfortunately not be in a position to develop a Q/A in relation to this question. Despite not being able to provide a Q&A on this occasion ESMA welcomes questions from you also in the future and invites you to take part of numerous Q&As and other guidance the ESMA has developed to seek guidance among that material. Regards, ESMA
This document was automatically extracted from the ESMA EMIR Q&A database.