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published 18 Dec 2017 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2017-12-18","question_submitted_on":"2017-12-18","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1764, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1764, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1764","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1764-suitability-and-appropriateness.md","body_sha256":"20dbc00db3d8e707e99bf74f426ef37e81ea09cc48a63bbf33a7558813cf8c72"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1764 — Q&A — Suitability and appropriateness [Answer Published]\"\nshortTitle: \"ESMA Q&A 1764 — Q&A — Suitability and appropriateness [Answer Published]\"\nanswer_id: ESMA_QA_1764\ntopic: \"Suitability\"\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 December 2017\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1764\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 18 December 2017\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1764\"\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_1764: 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: \"2017-12-18\"\n  question_submitted_on: \"2017-12-18\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1764, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1764, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Dec 2017 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 18 December 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1764)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1764 — Q&A — Suitability and appropriateness \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1764 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 18 December 2017; question submitted 18 December 2017 |\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**Suitability and appropriateness**\n\n### Question\n\nWhen providing portfolio management, how does investment firms’ periodic reporting obligation under sub-paragraph 4 of Article 25(6) of MiFID II relate to the ex-post reporting obligations under Article 60 of the MiFID II Delegated Regulation?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Investor protection Q&As Ch 2, question 9\\]\n\nIn ESMA’s view, when providing portfolio management to retail clients, investment firms should comply with their obligation under sub-paragraph 4 of Article 25(6) of MiFID II by providing the additional information on how the investment meets the client’s preferences, objectives and other characteristics in the context of the periodic ex-post report required under Article 60 of the MiFID II Delegated Regulation.\n\nIn particular, it would be reasonable to expect that investment firms should follow the deadlines specified in paragraph 3 of the above-mentioned Article 60 of the MiFID II Delegated Regulation, whereas regarding the format, it should be left to firms to decide whether or not to use one single document.\n\nThis periodic additional information should be updated when the report is issued and should be based on the assessment of the client’s portfolio as a whole.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1764)\n"}