ESMA_QA_2618
25/07/2025
Subject Matter
Arrangements necessary to understand clients
Original question
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 ?
Status: Question Rejected
Additional Information
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