Q&A · ESMA

Arrangements necessary to understand clients

Rejected

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AI-generated Summary

Asked whether suitability questionnaires must collect information in a set order: knowledge and experience first, then financial situation and investment objectives. ESMA rejected the question, so there is no answer.

Details

Reference	ESMA_QA_2618
Issuer	ESMA
Published	25 Jul 2025
Submitted	25 Jul 2025
ESMA topics	Suitability

Provisions it relates to

Article 25 MiFID II · Assessment of suitability and appropriateness and reporting to clients
MiFID II
Inferred · 80%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.