# Client Portfolio Review: [Client name], [Period]

> Periodic report and review for a client whose portfolio is managed on
> a discretionary basis or monitored under an ongoing advice service:
> valuation and holdings, transactions and income, performance against
> the agreed benchmark, allocation against the investment policy
> statement, costs and charges with their cumulative effect on return,
> loss alerts, goal progress, the periodic suitability review and agreed
> actions. Based on MiFID II (Directive 2014/65/EU) Article 25(6) and
> Commission Delegated Regulation (EU) 2017/565 Articles 50 (costs and
> charges), 54(12) and 54(13) (periodic suitability), 60 (periodic
> statements for portfolio management), 62 (loss alerts) and 63
> (statements of client assets), with notes for US investment advisers
> under SEC Rule 206(4)-2. Replace every `[bracketed]` value and every
> row marked *Example*. Past performance does not predict future
> results. This is a document format, not financial, investment, tax or
> legal advice. Obtain the regulation or rule for the normative text.

<!--
Guidance: How to use this template
- Use one copy per client account (or household) per reporting period.
  For portfolio management in the EU, the periodic statement is due
  every three months, with exceptions in Delegated Regulation
  2017/565 Article 60(3) (online access with evidence of use,
  transaction-by-transaction reporting, monthly for leveraged
  portfolios). Check the consolidated text and national rules.
- Sections 1 to 9 form the periodic statement. Sections 10 to 12 add
  the review layer: goal progress, the periodic suitability assessment
  and the actions agreed with the client. Run the review layer at least
  annually, more often if the profile or products require it.
- The benchmark, ranges and goals come from the Investment Policy
  Statement (`finance/investment-policy-statement-individual`). The
  client facts come from the Client Risk Profile (`finance/client-risk-profile`).
  A new recommendation arising from the review is documented in a MiFID
  Suitability Report (`compliance/mifid-suitability-report`).
- Write for the client. Plain language, defined terms, amounts and
  percentages side by side. Give a fair and balanced picture: show
  underperformance and higher costs as clearly as good news.
- All figures in the *Example* rows belong to one fictional account and
  reconcile with each other; replace them all together.
-->

## Document control

<!-- Guidance: Identify the account, the period, the valuation basis and who prepared and checked the report. A corrected report after delivery is a new version with the reason recorded. -->

| Field | Value |
|---|---|
| Document ID | [CPR-YYYY-QN-NNN] |
| Version | [1.0] |
| Status | [Draft / Checked / Delivered / Corrected] |
| Owner | [@portfolio-manager] |
| Approvers/reviewers | [@performance-analyst], [@supervisor] |
| Last updated | YYYY-MM-DD |
| Classification | Confidential: client personal data |
| Firm | [Firm name, licence or registration number] |
| Client and account | [Client names], [account designation] |
| Reporting period | YYYY-MM-DD to YYYY-MM-DD |
| Base currency | [EUR / USD / other] |
| Valuation basis | [Market prices at close of the last business day; fair value where no market price] |
| Performance method | [Time-weighted, Modified Dietz per quarter, chain-linked] |
| Report type | [Quarterly statement / Quarterly statement with annual review] |
| Delivery | [Durable medium, channel, date sent] |

### Approvals

| Role | Name | Decision | Date |
|---|---|---|---|
| Portfolio manager or adviser | [Name] | [Prepared] | YYYY-MM-DD |
| Performance or operations check | [Name] | [Reconciled to custodian] | YYYY-MM-DD |
| Supervisor (annual review) | [Name] | [Approved] | YYYY-MM-DD |

### Revision history

| Version | Date | Author | Change |
|---|---|---|---|
| 1.0 | YYYY-MM-DD | [@portfolio-manager] | Issued to client |
| [1.1] | YYYY-MM-DD | [@portfolio-manager] | [Correction: describe and reason] |

## Contents

1. [Summary for the client](#1-summary-for-the-client)
2. [Valuation and holdings](#2-valuation-and-holdings)
3. [Transactions, cash flows and income](#3-transactions-cash-flows-and-income)
4. [Performance](#4-performance)
5. [Allocation against the investment policy](#5-allocation-against-the-investment-policy)
6. [Costs and charges](#6-costs-and-charges)
7. [Risk and loss alerts](#7-risk-and-loss-alerts)
8. [Corporate actions and sustainability reporting](#8-corporate-actions-and-sustainability-reporting)
9. [Statement of client assets](#9-statement-of-client-assets)
10. [Goal progress](#10-goal-progress)
11. [Periodic suitability review](#11-periodic-suitability-review)
12. [Actions and client acknowledgement](#12-actions-and-client-acknowledgement)
13. [Jurisdiction notes](#13-jurisdiction-notes)
14. [Glossary and references](#14-glossary-and-references)
15. [Standard and licence note](#standard-and-licence-note)

## 1. Summary for the client

<!-- Guidance: Write five to eight short sentences a client reads first: value, return against the benchmark, main drivers, costs, goal status, any action needed. Pitfall: a summary that reports only good news, which breaches the fair and balanced expectation of Article 60(2). -->

| Item | This period | Year to date | Since inception |
|---|---|---|---|
| Opening value | [amount] | [amount] | [amount] |
| Contributions less withdrawals | [amount] | [amount] | [amount] |
| Investment result (after costs) | [amount] | [amount] | [amount] |
| Closing value | [amount] | [amount] | [amount] |
| Return after costs | [%] | [%] | [% annualised if over one year] |
| Benchmark return | [%] | [%] | [%] |
| Difference | [pp] | [pp] | [pp] |

*Example* (joint account of Mara and Theo Lind at Kestrel Bay
Capital Europe, fictional, EUR, quarter 2027-07-01 to 2027-09-30,
inception 2026-10-01): opening value 226,900; contributions 4,500;
investment result after costs 3,100; closing value 234,500. Return
after costs 1.35% for the quarter, 2.03% year to date and 8.15% over
the first twelve months. The benchmark returned 1.52%, 2.71% and 8.67%
over the same periods. The portfolio returns are after all costs, while
the benchmark has no costs, so roughly 0.28 percentage points a quarter
of the difference comes from costs alone. Both goals remain on track
(section 10). No change to the policy is proposed.

Write the summary last, after every section below has been reconciled.
Lead with the facts the client most needs: what the account is worth,
what it earned after all costs, how that compares with the agreed
benchmark, and whether the goals are still on track. Use the same
words and units as in the investment policy statement, show amounts and
percentages side by side, and state any shortfall as plainly as any
gain. If an action is needed from the client, say so in the summary,
not only in section 12.

## 2. Valuation and holdings

<!-- Guidance: List each instrument with quantity, price, market value and weight, plus cash at the start and end of the period, as Article 60(2)(c) requires. State the price source and the date. Pitfall: totals that do not reconcile with the custodian statement. -->

| Sleeve | Instrument | Asset class | Quantity | Price | Market value | Weight in sleeve |
|---|---|---|---|---|---|---|
| Retirement | [Instrument name and identifier] | [Class] | [Units] | [Price] | [Value] | [%] |
| Retirement *(Example)* | Global equity index fund, sustainable variant | Global equity | [Units] | [Price] | 95,900 | 51.1% |
| Retirement *(Example)* | Global aggregate bond fund, hedged | Investment-grade bonds | [Units] | [Price] | 65,600 | 35.0% |
| Retirement *(Example)* | Inflation-linked government bond fund | Inflation-linked bonds | [Units] | [Price] | 9,400 | 5.0% |
| Retirement *(Example)* | Global listed real estate fund | Listed real estate | [Units] | [Price] | 9,200 | 4.9% |
| Retirement *(Example)* | Cash | Cash | | | 7,500 | 4.0% |
| **Retirement sleeve total** | | | | | **187,600** | **100.0%** |
| Education *(Example)* | Global equity index fund, sustainable variant | Global equity | [Units] | [Price] | 11,800 | 25.2% |
| Education *(Example)* | Short-duration bond fund | Short-duration bonds | [Units] | [Price] | 27,400 | 58.4% |
| Education *(Example)* | Cash | Cash | | | 7,700 | 16.4% |
| **Education sleeve total** | | | | | **46,900** | **100.0%** |
| **Account total** | | | | | **234,500** | |

| Cash balance | Start of period | End of period |
|---|---|---|
| Retirement sleeve | [amount] | *Example*: 7,500 |
| Education sleeve | [amount] | *Example*: 7,700 |

Reconcile before you report. The holdings, cash and transactions in
this report must agree with the custodian's records at the same date;
investigate any difference, however small, before the report is sent,
and record the outcome. Show each sleeve separately as well as the
account total, because the investment policy sets targets per sleeve
and a combined view can hide a sleeve that is out of range.

Prices: [source], close of YYYY-MM-DD. Where no market price was
available, the fair value method was [method]. Values reconcile with
the custodian statement [reference] dated YYYY-MM-DD; differences:
[none / explain].

## 3. Transactions, cash flows and income

<!-- Guidance: List every transaction executed for the account unless the client receives transaction-by-transaction confirmations instead (Article 60(2)(h) and 60(4)). Show contributions, withdrawals, dividends, interest and fees taken from the account. Pitfall: omitting fees debited in cash, so the cash line cannot be reconciled. -->

### 3.1 Transactions executed

| Trade date | Instrument | Buy or sell | Quantity | Price | Amount | Venue | Reason |
|---|---|---|---|---|---|---|---|
| YYYY-MM-DD | [Instrument] | [Buy / Sell] | [Units] | [Price] | [Amount] | [Venue] | [Contribution / Rebalancing / Withdrawal] |
| 2027-07-16 *(Example)* | Global equity index fund | Buy | [Units] | [Price] | 1,200 | [Venue] | Monthly contribution, retirement sleeve |
| 2027-07-16 *(Example)* | Short-duration bond fund | Buy | [Units] | [Price] | 300 | [Venue] | Monthly contribution, education sleeve |

### 3.2 Cash flows and income

| Date | Type | Amount | Notes |
|---|---|---|---|
| 2027-07-15 *(Example)* | Contribution | 1,500 | Standing order |
| 2027-08-15 *(Example)* | Contribution | 1,500 | Standing order |
| 2027-09-15 *(Example)* | Contribution | 1,500 | Standing order |
| Period *(Example)* | Dividends received | 430 | Reinvested in cash, then funds |
| Period *(Example)* | Interest received | 560 | Fund distributions and cash interest |
| Period *(Example)* | Fees debited | [amount] | Management and custody fees for the quarter |

Total dividends, interest and other payments received in the period:
*Example* EUR 990 (Article 60(2)(f)).

## 4. Performance

<!-- Guidance: Report time-weighted return so that the client's own contributions do not distort the manager's result, and show it against the agreed benchmark (Article 60(2)(e)). Add a money-weighted figure if the client wants to see the return on their own cash flows. State whether returns are before or after costs. Pitfall: comparing a return after costs with a benchmark without saying that the benchmark carries no costs. -->

### 4.1 Method

For each period the return uses the Modified Dietz approximation,
which weights each external cash flow by the share of the period it
was invested:

$$
R_{MD} = \frac{EV - BV - \sum_i CF_i}{BV + \sum_i w_i\,CF_i}, \qquad w_i = \frac{D - d_i}{D}
$$

where $BV$ and $EV$ are opening and closing values, $CF_i$ the
external cash flows, $D$ the number of days in the period and $d_i$ the
number of days from the start of the period to cash flow $i$. Periods
are chain-linked:

$$
R_{\text{linked}} = \prod_{t}\left(1 + R_t\right) - 1
$$

Returns over more than one year are annualised; returns for less than a
year are not. A money-weighted return (internal rate of return of the
client's cash flows) answers a different question: how the client's own
money grew, including the timing of contributions.

### 4.2 Results

*Example* calculation for the quarter (92 days): contributions of 1,500
on days 14, 45 and 76 have weights 0.8478, 0.5109 and 0.1739, so the
weighted cash flow is 2,298.91. The return is (234,500 minus 226,900
minus 4,500) divided by (226,900 plus 2,298.91), which is 3,100 divided
by 229,198.91, or 1.35%.

| Period | Portfolio return after costs | Benchmark | Difference |
|---|---|---|---|
| Q4 2026 *(Example)* | 6.00% | 5.80% | +0.20 pp |
| Q1 2027 *(Example)* | 2.10% | 2.30% | -0.20 pp |
| Q2 2027 *(Example)* | -1.40% | -1.10% | -0.30 pp |
| Q3 2027 *(Example)* | 1.35% | 1.52% | -0.17 pp |
| Year to date 2027 *(Example)* | 2.03% | 2.71% | -0.68 pp |
| First 12 months *(Example)* | 8.15% | 8.67% | -0.52 pp |

*Example* check: year to date is 1.021 x 0.986 x 1.01353 minus 1, or
2.03%; the twelve-month figure adds Q4 2026: 1.06 x 1.021 x 0.986 x
1.01353 minus 1, or 8.15%. The account opened on 2026-10-01, so the
first twelve months are not annualised.

### 4.3 Main drivers

| Driver | Effect | Comment |
|---|---|---|
| Asset allocation versus benchmark | [+/- pp] | *Example*: slight overweight in equity helped in Q3 |
| Fund selection | [+/- pp] | *Example*: sustainable equity variant lagged the broad index |
| Costs | [- pp] | *Example*: about 0.28 pp a quarter |
| Currency | [+/- pp] | [Comment] |

Explain the result in plain words. Say which decisions helped and which
hurt, separate the effect of costs from the effect of investment
choices, and avoid explaining underperformance only by "market
conditions". When the period is short, remind the client that one
quarter says little about whether the strategy is working, and point to
the longer periods in the table. Never show a return for a period
shorter than a year as an annual rate.

For a full attribution analysis use the Performance Attribution Report
(`finance/performance-attribution-report`).

## 5. Allocation against the investment policy

<!-- Guidance: Compare actual weights with the IPS targets and ranges for each sleeve, and say whether rebalancing happened or is needed. Pitfall: reporting the combined account allocation only, which hides a sleeve that is out of range. -->

| Sleeve | Asset class | Target | Range | Actual | Within range |
|---|---|---|---|---|---|
| Retirement *(Example)* | Global equity | 50% | 45 to 55% | 51.1% | Yes |
| Retirement *(Example)* | Investment-grade bonds | 35% | 30 to 40% | 35.0% | Yes |
| Retirement *(Example)* | Inflation-linked bonds | 5% | 0 to 10% | 5.0% | Yes |
| Retirement *(Example)* | Listed real estate | 5% | 0 to 8% | 4.9% | Yes |
| Retirement *(Example)* | Cash | 5% | 2 to 10% | 4.0% | Yes |
| Education *(Example)* | Global equity | 25% | 20 to 30% | 25.2% | Yes |
| Education *(Example)* | Short-duration bonds | 60% | 55 to 65% | 58.4% | Yes |
| Education *(Example)* | Cash | 15% | 10 to 20% | 16.4% | Yes |

Rebalancing this period: [None needed / Describe trades and reason].
*Example*: none needed; contributions were directed to the most
underweight classes under IPS section 8.

## 6. Costs and charges

<!-- Guidance: Show the fees and charges incurred in the period, itemising at least management fees and execution costs (Article 60(2)(d)). Once a year, give personalised ex-post information on all costs and charges, in amount and percentage, split between service and product costs, with any third-party payments shown separately, and an illustration of the cumulative effect of costs on return (Article 50(9) and 50(10)). Pitfall: reporting only the adviser fee and leaving out fund costs. -->

### 6.1 Costs in this period

| Item | Amount | Notes |
|---|---|---|
| Management or advisory fee | [amount] | [Rate and basis] |
| Execution and transaction costs (service) | [amount] | |
| Custody and platform | [amount] | |
| Total for the period | [amount] | A more detailed breakdown is available on request |

### 6.2 Annual ex-post costs and charges

*Example* period: 2026-10-01 to 2027-09-30 (first twelve months),
average invested amount EUR 218,000.

| Category | Item | Amount (EUR) | % of average invested |
|---|---|---|---|
| Service costs | Management fee | 1,744 | 0.80% |
| Service costs | Custody and platform | 109 | 0.05% |
| Service costs | Transaction costs | 87 | 0.04% |
| **Service costs subtotal** | | **1,940** | **0.89%** |
| Product costs | Fund ongoing charges | 392 | 0.18% |
| Product costs | Fund transaction costs | 109 | 0.05% |
| **Product costs subtotal** | | **501** | **0.23%** |
| Third-party payments received by the firm | | 0 | 0.00% |
| **Total costs and charges** | | **2,441** | **1.12%** |

Comparison with the ex-ante estimate in the IPS: *Example* 1.10%
estimated, 1.12% incurred; the difference comes from fund ongoing
charges of 0.18% against 0.16% assumed.

### 6.3 Cumulative effect of costs on return

| Line | Amount (EUR) | % of average invested |
|---|---|---|
| Return before all costs *(Example)* | 18,941 | 8.69% |
| Total costs and charges *(Example)* | 2,441 | 1.12% |
| Return after costs *(Example)* | 16,500 | 7.57% |

*Example* check: inception value 200,000 plus contributions of 12 x
1,500 = 18,000 gives 218,000 paid in; the closing value of 234,500
leaves an investment result after costs of 16,500, and adding back the
costs of 2,441 gives 18,941 before costs. These are money amounts on
the average invested amount; the time-weighted return in section 4
(8.15%) differs because it removes the timing of contributions.

Description: costs reduced the return over the year by about 1.12
percentage points of the average invested amount. Costs are taken every year, so their effect grows
over time: on the same assumptions, costs compound to a larger share of
the final value over a long horizon. No unusual cost spikes are
expected next year (*Example*).

## 7. Risk and loss alerts

<!-- Guidance: Report risk measures the client agreed to in the IPS and any loss alerts sent. For portfolio management, the client must be informed when the portfolio value falls by 10% from its value at the start of the reporting period, and at each further 10%, by the end of that business day (Article 62(1)). Pitfall: a monitoring gap when the threshold is crossed on a non-business day. -->

| Item | Value |
|---|---|
| Value at start of reporting period | *Example*: 226,900 |
| 10% loss alert threshold | *Example*: 204,210 |
| 20% loss alert threshold | *Example*: 181,520 |
| Alerts sent this period | *Example*: none |
| Lowest value during the period | [amount and date] |
| Stress loss of current allocation (firm scenario) | [amount] against capacity for loss [amount] |
| Volatility over the last 12 months | [%] |

Set the loss alert up as an automated daily check against the value at
the start of the reporting period, with a named person who confirms
that each notice was sent by the end of the business day on which the
threshold was crossed, or by the end of the next business day if it
was crossed on a non-business day. Keep evidence of each notice. A loss
alert is a reporting duty, not an instruction to sell; the response to
a large fall follows the agreed rules in the investment policy
statement.

| Alert ID | Date threshold crossed | Value | Notified on | Channel |
|---|---|---|---|---|
| [ALR-NNN] | YYYY-MM-DD | [amount] | YYYY-MM-DD HH:MM | [Channel] |

## 8. Corporate actions and sustainability reporting

<!-- Guidance: Report corporate actions that gave the client rights (Article 60(2)(g)), proxy votes cast where the firm votes for the client, and the sustainability characteristics the client asked for. Pitfall: claiming the portfolio meets sustainability preferences without the data source and date. -->

| Date | Instrument | Corporate action | Election made | Effect |
|---|---|---|---|---|
| [YYYY-MM-DD] | [Instrument] | [Rights issue / Merger / Fund change] | [Election] | [Effect] |
| *(Example)* | None during the period | | | |

| Sustainability measure | Client preference | Portfolio value | Data source and date |
|---|---|---|---|
| Share of sustainable investments | *Example*: at least 20% | *Example*: 31% | [Fund disclosures, YYYY-MM-DD] |
| Principal adverse impacts considered | *Example*: GHG emissions, controversial weapons | *Example*: both considered by all equity holdings | [Fund disclosures] |
| Taxonomy alignment | *Example*: no minimum | [%] | [Source] |

## 9. Statement of client assets

<!-- Guidance: Where the firm holds client financial instruments or funds, send a statement at least quarterly unless another periodic statement covers it (Article 63). In the US, an adviser with custody relies on the qualified custodian's quarterly account statements (Rule 206(4)-2(a)(3)). Pitfall: the client receiving two inconsistent statements without being told to compare them. -->

| Item | Detail |
|---|---|
| Custodian | [Name, location] |
| Assets held by the firm or its custodian at period end | See section 2 |
| Client money held | [amount and where] |
| Assets subject to transactions in course of settlement | [Detail] |
| Assets on loan or used as collateral | [None / Detail] |
| Protection arrangements | [Investor compensation scheme name and limit, check local rules] |

Compare this report with the statement you receive from the custodian.
Tell us at once if you see a difference.

## 10. Goal progress

<!-- Guidance: Show each goal from the IPS with the current value, the projection on the IPS assumptions and the status. Use the same method and assumptions as the IPS so that changes come from results, not from moving targets. Pitfall: changing assumptions silently to make a goal look on track. -->

| Goal | Current value | Years remaining | Projected value at goal date | Target | Status |
|---|---|---|---|---|---|
| OBJ-001 Retirement *(Example)* | 187,600 | 15 (to 2042-09-30) | about 622,000 | 590,000 | On track |
| OBJ-002 Education *(Example)* | 46,900 | 5 (to 2032-09-30) | about 72,600 | 66,000 | On track |

*Example* method: the IPS formula with annual contributions (14,400 and
3,600) and expected returns after costs of 3.94% and 2.70%, applied
over the remaining years. Projections are illustrative and depend on
the assumptions; they are not guaranteed.

Use the same projection method and the same capital market assumptions
as the investment policy statement, and change them only when the firm
publishes new assumptions, saying so in this section. A goal is "on
track" when the projection at the goal date is at or above the target,
"at risk" when it is below the target but within an agreed tolerance,
and "off track" otherwise. An off-track essential goal triggers the
agreed responses in the investment policy statement: first higher
contributions, then a later date, then a lower target, and a change of
risk band only after a new risk profile.

## 11. Periodic suitability review

<!-- Guidance: At least annually for clients with a periodic suitability assessment, confirm that the client information is current and that the portfolio and service remain suitable (Article 54(13)). Later reports may cover only what changed since the first full report (Article 54(12)). Pitfall: confirming suitability without refreshing the client data. -->

| Check | Outcome | Evidence |
|---|---|---|
| Client circumstances refreshed | [Yes, meeting on YYYY-MM-DD / Change recorded] | [Risk profile version] |
| Risk profile still valid | [Yes / Updated to band] | [CRP reference] |
| Objectives and horizons unchanged | [Yes / Changes] | [IPS section 3] |
| Knowledge and experience unchanged | [Yes / Updated] | |
| Sustainability preferences unchanged | [Yes / Updated] | |
| Portfolio consistent with IPS ranges and limits | [Yes / Exceptions] | Section 5 |
| Costs consistent with the service and alternatives | [Yes / Comment] | Section 6 |
| Service still appropriate for the client | [Yes / Propose change] | |
| Overall conclusion | [Remains suitable / Changes recommended] | |

*Example*: annual meeting held on 2027-10-12. No change in income,
family or health. Theo's (holder 2) employer shares fell to EUR 34,000, about
13% of the managed account and the shares combined (34,000 / 268,500); a selling plan for
the next open window was discussed and remains outside the mandate.
The portfolio remains suitable; no change to the IPS.

Changes since the last full suitability report: [List only what
changed; refer to the last full report by ID].

### Conducting the review and common errors

Before the meeting, refresh the client data that drives suitability:
income and spending, assets held elsewhere, planned withdrawals, family
and health changes, and any change of tax residence. In the meeting,
walk through the summary, the goal progress and the costs, ask
open questions about changes, and confirm the sustainability
preferences. After the meeting, update the risk profile if anything
changed, decide whether the portfolio and the service remain suitable,
and record the reasons in this section. If a change in the portfolio
or the service is recommended, document it in a new suitability report.

The errors found most often in file reviews are: returns after costs
compared with a benchmark without saying that the benchmark carries no
costs; time-weighted and money-weighted figures mixed in the same
table; ex-post costs that leave out fund costs or transaction costs;
a suitability conclusion written before the client data was refreshed;
loss alerts sent late or without evidence; goal projections that
quietly change assumptions; and agreed actions that are discussed but
never given an owner and a due date.

## 12. Actions and client acknowledgement

<!-- Guidance: List agreed actions with owners and dates, and record the client's acknowledgement of the review. Pitfall: actions discussed in the meeting but never written down. -->

| ID | Action | Owner | Due | Status |
|---|---|---|---|---|
| ACT-001 *(Example)* | Send summary two days before next review (support need recorded) | [@adviser] | YYYY-MM-DD | Open |
| ACT-002 *(Example)* | Provide tax report for capital gains realised in the year | [@operations] | YYYY-MM-DD | Open |
| ACT-003 *(Example)* | Review education glide path step due in 2030 | [@portfolio-manager] | 2029-12-31 | Open |
| [ACT-NNN] | [Action] | [@owner] | YYYY-MM-DD | [Status] |

I/we have received this review and discussed it with the adviser.
I/we confirm that the information about my/our circumstances is up to
date, or I/we have told the adviser about the changes listed above.

| Client | Signature or electronic acknowledgement | Date |
|---|---|---|
| [Name] | [Signature] | YYYY-MM-DD |
| [Name] | [Signature] | YYYY-MM-DD |

## 13. Jurisdiction notes

<!-- Guidance: Keep one report structure and add local items. Status as of 2026-10; check local law. Pitfall: assuming EU quarterly reporting rules apply to a US advisory account, or the reverse. -->

| Jurisdiction | Basis (names and numbers) | Local items |
|---|---|---|
| EU | MiFID II Article 25(6); Delegated Regulation (EU) 2017/565 Articles 50, 54(12) to (13), 60, 62, 63 | Quarterly statement for portfolio management with Article 60(3) exceptions; annual ex-post costs; 10% loss alerts; Retail Investment Strategy changes pending, not in force at 2026-10 |
| United States, investment advisers | Advisers Act fiduciary duty (SEC Release IA-5248); custody rule 17 CFR 275.206(4)-2 | Qualified custodian sends account statements at least quarterly; adviser statements urge the client to compare with the custodian's; the 2023 safeguarding proposal was withdrawn in June 2025 |
| United Kingdom | FCA COBS 16A (by reference), Consumer Duty PRIN 2A | Periodic reporting and consumer understanding outcome |
| [Other] | [Law or rule] | [Items] |

## 14. Glossary and references

<!-- Guidance: Keep the glossary in plain language. Pitfall: undefined return terms that the client misreads. -->

### Glossary

| Term | Meaning |
|---|---|
| Time-weighted return | Return that removes the effect of contributions and withdrawals; used to judge the manager |
| Money-weighted return | Return on the client's own cash flows, affected by their timing |
| Modified Dietz | A method that approximates time-weighted return by weighting cash flows by time invested |
| Benchmark | The reference index mix agreed in the IPS |
| Ex-post costs | Costs actually incurred over a past period |
| Service costs | Charges for the investment service, such as management and custody fees |
| Product costs | Costs inside the funds or products held, such as ongoing charges |
| Percentage point (pp) | The arithmetic difference between two percentages |
| Loss alert | Notice sent when the portfolio falls by a set percentage within a reporting period |

### References

| Source | Version or date | Use |
|---|---|---|
| Directive 2014/65/EU (MiFID II) Article 25(6) | Consolidated text on EUR-Lex | Reporting to clients |
| Commission Delegated Regulation (EU) 2017/565 Articles 50, 54, 60, 62, 63 | OJ L 87, 31.3.2017, as amended | Costs, periodic suitability, statements, loss alerts |
| SEC Rule 206(4)-2 (17 CFR 275.206(4)-2) | eCFR, current | US custody and account statements |
| SEC Release IA-5248 | 2019-06-05 | US adviser fiduciary duty |
| FCA COBS 16A, PRIN 2A | Cited by reference only | UK reporting and Consumer Duty |

Related templates: Investment Policy Statement for an individual
(`finance/investment-policy-statement-individual`), Client Risk Profile
(`finance/client-risk-profile`), MiFID Suitability Report
(`compliance/mifid-suitability-report`), Performance Attribution Report
(`finance/performance-attribution-report`), Best Execution Policy
(`compliance/best-execution-policy`), Net Worth Statement
(`personal/net-worth-statement`).

## Standard and licence note

Based on Directive 2014/65/EU (MiFID II) and Commission Delegated
Regulation (EU) 2017/565 (Articles 50, 54, 60, 62 and 63), with US
notes based on SEC Rule 206(4)-2 and SEC Release IA-5248. EU
legislation is reused with acknowledgement of EUR-Lex as the source;
US federal rules are public domain. FCA Handbook provisions are cited
by reference only. Article and rule numbers are cited and requirements
are described in original wording; the report structure, formulas as
applied and all example figures are original and fictional. Check the
current consolidated texts, national rules and the status of the EU
Retail Investment Strategy before use. This is a document format, not
financial, investment, tax or legal advice. Template licence: MIT.