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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_1815, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1815, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1815","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1815-post-sale-reporting.md","body_sha256":"e72bf5489bd6bea288802f7a600cc2fa2ed0f0f190d933cc577d70c7c92f50bc"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1815 — Q&A — Post-sale reporting [Answer Published]\"\nshortTitle: \"ESMA Q&A 1815 — Q&A — Post-sale reporting [Answer Published]\"\nanswer_id: ESMA_QA_1815\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: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 16 December 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1815\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 16 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1815\"\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_1815: 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: \"2016-12-16\"\n  question_submitted_on: \"2016-12-16\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1815, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1815, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2016 [Answer Published]**\n\n*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/1815)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1815 — Q&A — Post-sale reporting \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1815 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 16 December 2016; question submitted 16 December 2016 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Post-sale reporting**\n\n### Question\n\nThe cumulative effect of the costs on the return shall show “anticipated spikes and fluctuations of the costs”; does that also apply to the ex-post disclosure of the cumulative effect of the costs on the return?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 9, question 4\\]\n\nBased on Article 24(4) MiFID II and Article 50(10) of the MiFID II Delegated Regulation, firms have to provide clients with an illustration to show the cumulative effect of the costs on the return.\n\nWhen providing the client ex-post with information on total costs and charges, a firm can for instance decide to show the historical costs, and simultaneously provide the client with a forward looking illustration with regard to expected costs. In this case, the firm can show the historical costs that show a spike, for instance because of entry costs, and future expected costs based on the firm’s expectations (including anticipated spikes and fluctuations).\n\nIf the ex-post illustration takes into account only historical data, the firm has to account for realised spikes and fluctuations in costs. However, since these data are historical, there are no ‘anticipated’ spikes.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1815)\n"}