Suitability and appropriateness

SUITABILITY TEST

This test is aimed at ascertaining the specifics of each client or potential client so as to assess their knowledge and experience in relation to the investment product or service offered or requested.

This test must be completed by retail clients when:

  • Any service is provided other than the execution or receipt and transmission of client orders on any product.
  • The service provided will be the execution or receipt and transmission of orders on complex products; in other words, structured, derivatives or hedges of non-complex products.

There is no standardised test model. Intermoney Valores, if it deems it necessary, will provide a discretionary test to each client with suitable content in order to obtain sufficient information to conduct an objective and coherent assessment of the client profile.

APPROPRIATENESS TEST

This test is aimed at ascertaining the specifics of each client or potential client so as to assess their knowledge and experience in relation to the investment advisory and/or discretionary investment portfolio management.

This test must be completed by retail and professional clients, with certain exceptions, when they request advisory services on specific products or portfolio management.

Nevertheless, while for retail clients all areas of the test must be completed, for professional clients certain areas are deemed unnecessary as it is understood that, due to their being professionals, they already fulfil certain requirements, such as those sections of the appropriateness test that seek to obtain information on their degree of experience and knowledge.

There is no standardised test model. Intermoney Valores, if it deems it necessary, will provide a discretionary test to each client with suitable content in order to obtain sufficient information to conduct an objective and coherent assessment of the client profile.