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Reporting to clients 

01 December 2011

Impact Amber traffic light Low/medium impact, some systems changes necessary

Other areas to consider

Best execution; Suitability; Appropriateness

Current MiFID rules

The primary obligation under MiFID relating to reporting to clients is that a client must receive from a firm adequate reports on the services provided by the firm to the client. These reports must include, where applicable, the costs associated with the transactions and services undertaken on behalf of the client.

MiFID Level 1 Directive Art: 19(8)

MiFID Level 2 Directive Arts: 40, 41 and 42 and recitals 63 and 64

FSA rules


Proposed changes
Draft Directive
Article 25(5)

In light of recent debates on the quality of investment advice to retail and professional clients, the Commission proposes:

  • that firms providing advice should report personally to the client in writing the underlying reasons for the advice provided, including the explanation about how the advice meets the client’s personal characteristics.
  • the firm would also be required to report periodically to the client taking into account the type and the complexity of financial instruments involved and the nature of the service provided to the client, including costs associated with the transaction and services undertaken for the client.
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