ESMA_QA_607
25/10/2022
Subject Matter
Suitability
Original question
Per article 54(3) in Delegated Regulation, for Investment Services offered to a professional client you are entitled to assume client has the necessary level of knowledge and experience. However per article 54(6), knowledge and experience is required from the natural person representing the legal entity on the Suitability Questionnaire. Isn't that contradicting as the professional clients per Annex II of MiFID II Directive are legal entities and is interpreted that 54(3) is never applicable and all parts of Suitability Questionnaire in one way or another need to be completed?
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