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---
title: "ESMA Q&A 1133 — Q&A — MiFID practices for firms selling financial [Answer Published]"
shortTitle: "ESMA Q&A 1133 — Q&A — MiFID practices for firms selling financial [Answer Published]"
answer_id: ESMA_QA_1133
topic: "Information to clients on topics other than costs and charges"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFID II"
mifid_level3: true
mica_level2: false
legal_basis: "MiFID II"
date: 18 February 2020
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1133
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 18 February 2020"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1133"
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last_checked: 2026-10-26
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source:
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    locator: "ESMA Q&A entry ESMA_QA_1133: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1133, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Feb 2020 [Answer Published]**

*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/1133)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1133 — Q&A — MiFID practices for firms selling financial \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1133 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 18 February 2020; question submitted 18 February 2020 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**MiFID practices for firms selling financial instruments subject to the BRRD resolution regime**

### Question

Is the seller required to monitor compliance of his client’s portfolio with the 10% threshold referred to in point (a) of Article 44a(2) on an ongoing basis, for example whenever portfolio composition is affected by disinvestments?

***

### Answer

\[ESMA 35-43-439 Investor protection BRRD Q&A 6\]

The 10% test is only required to be performed by the seller upon the purchase of a SEL issued as of 28 December 2020. Any other transaction or event involving the client’s portfolio (e.g. a divestment or a change in market values) does not trigger the obligation of point (a) of Article 44a(2).

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1133)