{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-03-10","gaps":[],"covered":["ESMA Q&A 2800 — Q&A — Personal recommendation and suitability statement [Question Rejected] 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-2800-personal-recommendation-and-suitability-statement","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2800-personal-recommendation-and-suitability-statement","title":"ESMA Q&A 2800 — Q&A — Personal recommendation and suitability statement [Question Rejected]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-2800-personal-recommendation-and-suitability-statement","status":"question rejected","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 10 March 2026","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2800","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"1988b9e41a7021da","change_date":null,"nearest_versions":["2026-03-10"],"first_text_date":null,"correction_applies":false,"versions":["2026-03-10"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2800-personal-recommendation-and-suitability-statement/versions/2026-03-10","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2800-personal-recommendation-and-suitability-statement/versions/2026-03-10/rev/1988b9e41a7021da","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2800-personal-recommendation-and-suitability-statement/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2800-personal-recommendation-and-suitability-statement/relations","source_line":"Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]","attribution":{"prepared_by":"not stated in the document","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_question","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"question_submitted_on":"2026-03-10","locators":{"question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2800, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2800","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-2800-personal-recommendation-and-suitability-statement.md","body_sha256":"efb5a53b2427ed71123362661d574b7d69a106b97106b65bdbee4f2500f1c353"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2800 — Q&A — Personal recommendation and suitability statement [Question Rejected]\"\nshortTitle: \"ESMA Q&A 2800 — Q&A — Personal recommendation and suitability statement [Question Rejected]\"\nanswer_id: ESMA_QA_2800\ntopic: \"Suitability\"\nstatus: \"Question Rejected\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: withdrawn\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II 2014/65/EU (Art. 16, 25); Deleg. Reg. (EU) 2017/565 (Art. 54; record-keeping).\"\ndate: 10 March 2026\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2800\nlifecycle: \"Question Rejected\"\ntext_version: \"ESMA Q&A register, 10 March 2026\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2800\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"not stated in the document\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA_QA_2800\"\n    locator: \"ESMA Q&A entry ESMA_QA_2800: no answer; no author named\"\ndocument_type: \"qa_question\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  question_submitted_on: \"2026-03-10\"\n  locators:\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2800, column 'Date of submission'\"\nlifecycle_label: \"Question Rejected\"\n---\n\n**Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]**\n\n*Question Rejected · ESMA Q&A register, 10 March 2026 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2800)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2800 — Q&A — Personal recommendation and suitability statement \\[Question Rejected\\] |\n| **Prepared by** | Not stated in the document |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2800 |\n| **Document type** | Q&A |\n| **Legal nature** | No answer · not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Question submitted 10 March 2026 |\n| **Legal basis** | MiFID II 2014/65/EU (Art. 16, 25); Deleg. Reg. (EU) 2017/565 (Art. 54; record-keeping). |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Personal recommendation and suitability statement: documentation nature and staff attribution in split/automated processes**\n\n### Question\n\nUnder MiFID II, investment advice is defined as a personal recommendation to a client in relation to transactions in financial instruments. In practice, the personal recommendation, the suitability assessment, the documentation and the technical generation/transmission of the suitability statement may be performed by different persons and/or partly automated systems.\n\nCould ESMA clarify the following points:\n\n1. For determining whether and by whom investment advice was provided, is it primarily relevant who gave/communicated the personal recommendation to the client, rather than who merely prepared/generated/transmitted the suitability statement through IT systems?\n\n2. Should the suitability statement under MiFID II / Delegated Regulation (EU) 2017/565 be understood as documentation and rationale of a recommendation that has already been made, rather than as a constitutive element of “investment advice”?\n\n3. Is it necessary, for the attribution of investment advice to a specific staff member, that the same staff member is technically able to create/approve/transmit the suitability statement, or can these steps be separated without changing the attribution of who “advised”?\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2800)\n"}