{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2024-03-19","gaps":[],"covered":["ESMA Q&A 2137 — Q&A — Non-complex structured deposits [Question Rejected] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits","title":"ESMA Q&A 2137 — Q&A — Non-complex structured deposits [Question Rejected]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits","status":"question rejected","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 19 March 2024","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2137","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"5a9e0ecae826287e","change_date":null,"nearest_versions":["2024-03-19"],"first_text_date":null,"correction_applies":false,"versions":["2024-03-19"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits/versions/2024-03-19","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits/versions/2024-03-19/rev/5a9e0ecae826287e","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits/relations","source_line":"Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]","attribution":{"prepared_by":"not stated in the document","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_question","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"question_submitted_on":"2024-03-19","locators":{"question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2137, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2137","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-2137-non-complex-structured-deposits.md","body_sha256":"9fe961b0fbbecdb6bc0c5463540567117dc76ba84a4821b08f48d7f6995ef934"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2137 — Q&A — Non-complex structured deposits [Question Rejected]\"\nshortTitle: \"ESMA Q&A 2137 — Q&A — Non-complex structured deposits [Question Rejected]\"\nanswer_id: ESMA_QA_2137\ntopic: \"Appropriateness\"\nstatus: \"Question Rejected\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: withdrawn\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 19 March 2024\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2137\nlifecycle: \"Question Rejected\"\ntext_version: \"ESMA Q&A register, 19 March 2024\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2137\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"not stated in the document\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA_QA_2137\"\n    locator: \"ESMA Q&A entry ESMA_QA_2137: no answer; no author named\"\ndocument_type: \"qa_question\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  question_submitted_on: \"2024-03-19\"\n  locators:\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2137, column 'Date of submission'\"\nlifecycle_label: \"Question Rejected\"\n---\n\n**Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]**\n\n*Question Rejected · ESMA Q&A register, 19 March 2024 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2137)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2137 — Q&A — Non-complex structured deposits \\[Question Rejected\\] |\n| **Prepared by** | Not stated in the document |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2137 |\n| **Document type** | Q&A |\n| **Legal nature** | No answer · not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Question submitted 19 March 2024 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Non-complex structured deposits**\n\n### Question\n\nIf a structured deposit has only one variable affecting the return received on maturity (the agreed term), and has an exit fee that is either a fixed sum, a fixed sum for each month remaining until maturity (the agreed term) or a percentage of the original sum invested, would it still be considered a non-complex financial instrument, in accordance with point (v) of Article 25(4)(a) of MiFID II, if the client is entitled to receive the positive market value of the underlying option, if any, if the client exits prematurely, e.g. in the event of unforeseen liquidity requirement? If the structured deposit is exited prematurely, and not on the agreed upon maturity date, the market value of the underlying option will depend on more than one variable, i.e. the underlying index, the volatility of the index, time to maturity.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2137)\n"}