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---
title: "ESMA Q&A 1802 — Q&A — Post-sale reporting [Answer Published]"
shortTitle: "ESMA Q&A 1802 — Q&A — Post-sale reporting [Answer Published]"
answer_id: ESMA_QA_1802
topic: "Reporting to clients"
status: "Answer Published"
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instrument_type: qa
authority: ESMA
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legal_status: in_force
regulation: "MiFID II"
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legal_basis: "MiFID II"
date: 16 December 2016
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1802
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 16 December 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1802"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2016 [Answer Published]**

*Answer Published · ESMA Q&A register, 16 December 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1802)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1802 — Q&A — Post-sale reporting \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1802 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 16 December 2016; question submitted 16 December 2016 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Post-sale reporting**

### Question

When fulfilling the obligation to report on a portfolio depreciating by the 10% threshold, does the firm need to report if a portfolio value drops by more than 10% as a result of the client making cash withdrawals?

***

### Answer

\[ESMA 35-43 349 MiFID II Q&As on Investor protection Ch. 8, question 2\]

The obligation is to report if the overall value of a portfolio, as evaluated at the beginning of each reporting period (usually every three months), depreciates by 10% and thereafter at multiples of 10%. When cash withdrawals are made from a portfolio, the value of the managed financial instrument or funds is reduced by the amount of the client money transferred; but the overall value of the portfolio, as evaluated at the beginning of the previous reporting period, includes the value of the cash withdrawn. So, if clients withdraw cash from a portfolio, until a periodic statement is provided that discounts the cash withdrawn, when calculating the overall value of a portfolio, to see whether the 10% thresholds are exceeded, a firm will need to take this cash into account by adding its value to the value of remaining financial instruments or funds in the portfolio.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1802)