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