{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2019-03-28","gaps":[],"covered":["ESMA Q&A 1834 — Q&A — Information on cost and charges [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges","title":"ESMA Q&A 1834 — Q&A — Information on cost and charges [Answer Published]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 28 March 2019","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1834","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"ff875504c6514193","change_date":null,"nearest_versions":["2019-03-28"],"first_text_date":null,"correction_applies":false,"versions":["2019-03-28"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges/versions/2019-03-28","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges/versions/2019-03-28/rev/ff875504c6514193","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1834-information-on-cost-and-charges/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 28 Mar 2019 [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":"2019-03-28","question_submitted_on":"2019-03-28","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1834, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1834, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1834","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-1834-information-on-cost-and-charges.md","body_sha256":"e580af5bf67af24b36fdb758b48dab58e37448126145e46808b5984e71212a5a"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1834 — Q&A — Information on cost and charges [Answer Published]\"\nshortTitle: \"ESMA Q&A 1834 — Q&A — Information on cost and charges [Answer Published]\"\nanswer_id: ESMA_QA_1834\ntopic: \"Information to clients on 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: 28 March 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1834\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 28 March 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1834\"\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_1834: 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: \"2019-03-28\"\n  question_submitted_on: \"2019-03-28\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1834, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1834, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 28 Mar 2019 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 28 March 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1834)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1834 — Q&A — Information on cost and charges \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1834 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 28 March 2019; question submitted 28 March 2019 |\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**Information on cost and charges**\n\n### Question\n\nDo the MiFID II requirements expect that the ex-ante disclosure of information on costs and charges is provided on the basis of the specific transaction or is it sufficient for investment firms to disclose information in a more generic way?\n\n***\n\n### Answer\n\n\\[EMA 35-43-349 MiFID II Q&As on Investor protection Ch. 9, question 22\\]\n\nAccording to Article 24(4) of MiFID II and Article 50(2) of the MiFID II Delegated Regulation, investment firms shall provide ex-ante information on costs and charges in a fully individualized, transaction-based manner, i.e. in relation to the specific financial instrument (ISIN-based) and in relation to the specific investment service or ancillary service provided.\n\nThis is in line with the objective of the MiFID II costs and charges provisions. Recital 78 of the MiFID II Delegated Regulation clearly states that the MiFID II costs and charges provisions have the objective of ensuring clients' awareness of all applicable costs and charges as well as enabling a comparison of different financial instruments and investment services. ESMA is of the view that this is only achievable if the costs and charges disclosures are specific to the transaction (especially ISIN-based). The only relief to this principle can be found in Recital 78 which allows firms to provide costs and charges disclosures on the basis of an assumed investment amount. Nevertheless, the costs and charges disclosed must reflect the costs the client would actually incur on the basis of the assumed investment amount (Recital 78 sentence 3).\n\nFor how to apply this general principle where the service of portfolio management is provided, please refer to Q&A 24. \\[Q&A1836\\]\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1834)\n"}