Client reports

Investment firms are required to provide clients with information on the execution of orders (which are not executed in the context of portfolio management). This means that they should provide details of key information on order execution on a durable medium immediately, and more comprehensive information, such as the date and time of execution as well as the execution venue, the price, the total costs, etc., no later than one working day after execution. This reporting obligation also applies to professional investors and eligible counterparties.

In the case of portfolio management, an investment firm should provide a statement of the portfolio management activities performed on its behalf on a durable medium at least every three months.

Investment firms that hold financial instruments or funds belonging to clients should send each client an overview of those financial instruments or funds on a durable medium on a quarterly basis at least.

An additional reporting obligation is the 10% depreciation report, which is included in Article 62 of Delegated Regulation (EU 2017/565 of 25 April 2016). The document Further information concerning the 10% depreciation reporting obligation under MiFID II includes several key points of interest in relation to this provision.

ESMA has prepared Q&As for this topic, which can be found in the document ESMA Q&As Investor Protection (Chapter 8).