[ESMA35-43-439 Investor protection BRRD regime Q&A1]

As of 28 December 2020[1], all sales of subordinated eligible liabilities (“SELs”) issued on or after that date to retail clients must be subject to the performance by the seller of a suitability test, in accordance with Article 25(2) of MiFID II and of Article 44a of the BRRD 2, independently of the type of investment service provided to sell the SELs (including self-placement). Prior to that date, the suitability test is required only when investment advice or portfolio management are provided, unless where Member States have chosen to apply Article 44a of the BRRD 2 to liabilities issued before 28 December 2020.