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\"ESMA Q&A 1131 — Q&A — MiFID practices for firms selling financial [Answer Published]\"\nshortTitle: \"ESMA Q&A 1131 — Q&A — MiFID practices for firms selling financial [Answer Published]\"\nanswer_id: ESMA_QA_1131\ntopic: \"Information to clients on topics other than costs and charges\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 18 February 2020\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1131\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 18 February 2020\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1131\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1131: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2020-02-18\"\n  question_submitted_on: \"2020-02-18\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1131, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1131, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Feb 2020 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 18 February 2020 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1131)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1131 — Q&A — MiFID practices for firms selling financial \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1131 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 18 February 2020; question submitted 18 February 2020 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**MiFID practices for firms selling financial instruments subject to the BRRD resolution regime**\n\n### Question\n\nWhere a SEL issued after 28 December 2020 is sold to a retail client whose portfolio does not exceed EUR 500 000, must the seller take into account SELs issued before 28 December 2020 which are already part of the client’s portfolio, when verifying whether the 10% threshold referred to in Article 44a(2)(a) is exceeded?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-439 Investor protection BRRD Q&A 4\\]\n\nYes. When ensuring that the retail client does not invest an aggregate amount exceeding 10% of his portfolio in SELs, the seller should add up the values of all SELs present in the client’s portfolio, regardless of their issuance date.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1131)\n"}