Under MiFID II regulations, Concedus, as the liability partner in co-listing workflows, is legally required to assess the investment knowledge and experience of each investor. This questionnaire ensures compliance by evaluating whether investors understand the risks associated with the financial instruments offered.
The questionnaire must be presented to all investors participating in a co-listing issuance. However, investors may choose to skip answering. In your interface, you may give your customers the explicit option to skip the questionnaire. If the customer chooses to skip, you must indicate this explicitly in the API request.
Yes, if you already collect similar MiFID II investor experience data during your standard onboarding, you can reuse it. However, your question-and-answer structure must be mapped to Concedus’s predefined survey format.
You have three options to integrate this requirement:
| Option | Description | Considerations |
|---|---|---|
| 1. Use existing MiFID II data | If you already ask the exact same set of MiFID II questions, you can pass the stored answers directly when creating the customer via the co-listing API. | Requires mapping your answer IDs to Concedus’ predefined question/answer IDs. |
| 2. Map similar existing data | If you collect similar investor experience information, you can transform and submit that data during onboarding. | Data mapping is required: ensure alignment with Concedus’ questionnaire structure. |
| 3. Use NYALA questionnaire widget | Display a dedicated Concedus survey as a widget to investors participating in a co-listing project. This NYALA-developed widget can be displayed as an overlay or iFrames, and it allows you to skip building an alternative investment flow by yourself. | This is a white-label customizable widget developed by NYALA. Contact your Technical Success Engineer for details and access. |
If an investor chooses not to complete the investment survey, you must include the survey object in the request with ForceMissedKnowledge: true. Use the format specified in the Investment Survey documentation when constructing the request.
If an investor skips the survey without setting ForceMissedKnowledge to true, the onboarding process may be delayed or rejected.