<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2016-12-16","gaps":[],"covered":["ESMA Q&A 1813 — Q&A — Post-sale reporting [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":"/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting","title":"ESMA Q&A 1813 — Q&A — Post-sale reporting [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting","status":"answer published","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, 16 December 2016","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1813","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"dcf6ecbf29f91208","change_date":null,"nearest_versions":["2016-12-16"],"first_text_date":null,"correction_applies":false,"versions":["2016-12-16"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting/versions/2016-12-16","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting/versions/2016-12-16/rev/dcf6ecbf29f91208","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1813-post-sale-reporting/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2016 [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":"2016-12-16","question_submitted_on":"2016-12-16","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1813, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1813, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1813 — Q&A — Post-sale reporting [Answer Published]"
shortTitle: "ESMA Q&A 1813 — Q&A — Post-sale reporting [Answer Published]"
answer_id: ESMA_QA_1813
topic: "Reporting to clients"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 16 December 2016
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1813
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 16 December 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1813"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1813: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2016-12-16"
  question_submitted_on: "2016-12-16"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1813, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1813, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**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/1813)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1813 — Q&A — Post-sale reporting \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1813 |
| **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** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Post-sale reporting**

### Question

How can a personalised ex-post disclosure of costs of the fund be made, if the client buys and sells a fund during the business year?

***

### Answer

\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 9, question 1\]

Based on Article 50(9) of the MiFID II Delegated Regulation, an investment firm that has or has had an ongoing relationship with a client, shall provide this client with ex-post information on the total costs and charges. Such information shall be based on costs incurred and shall be provided on a personalised basis.

For calculating the total costs during the year (in which the costs of the fund are taken into account), first of all the holding period of the fund is needed. The firm will have insight in this. Secondly, an investment firm has to have annualised information on ongoing realised costs and charges with regard to the financial instrument. Where this data is not already publicly available, the firm should liaise with the manufacturer (e.g. the fund manager) to obtain information on costs and charges of the financial instrument. The firm should assess itself or inquire with the manufacturer whether the costs incurred in the holding period adequately reflect the costs incurred over the whole year. If this is the case, the firm could choose to use the annual costs of the financial instrument to calculate the costs during a specific holding period. If this is not the case, the firm will, on a best effort basis and possibly with the manufacturer’s help, have to make adjustments to ensure that it does reflect the actual costs incurred.

For clarification, ESMA notes that there might also be one-off costs involved in buying and selling the financial instruments. This could include mark-ups. The firm has to account for these, based on the actual costs.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1813)