ESMA_QA_2618
25/07/2025
Subject Matter
Arrangements necessary to understand clients
    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