<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2023-03-23","held_since":"2023-03-23","gaps":[],"covered":["MiFID II L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-09-28","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/recitals/40","url":"https://www.headlesslaw.com/mifid-ii/recitals/40","title":"Recital 40","family":"l1_recital_view","work_id":"mifid2","view_of":"/mifid-ii/recitals","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Directive 2014/65/EU, OJ L 173, 12.6.2014","check":{"against":"EUR-Lex","on":"2026-09-28"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065","valid_from":"2023-03-23","valid_until":null,"content_id":"c1409e8d3e555afc","versions":["2023-03-23"],"version_url":"https://www.headlesslaw.com/mifid-ii/recitals/40/versions/2023-03-23","revision_url":"https://www.headlesslaw.com/mifid-ii/recitals/40/versions/2023-03-23/rev/c1409e8d3e555afc","versions_url":"https://www.headlesslaw.com/mifid-ii/recitals/40/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/recitals/40/relations","act_url":"https://www.headlesslaw.com/mifid-ii/recitals","source_line":null,"attribution":null,"context":{"act":{"work_id":"mifid2","path":"/mifid-ii/recitals","name":"MiFID II","number":"Directive 2014/65/EU","celex":"32014L0065","title_official":null,"document_date":null},"position":{"kind":"recital","key":"40","index":40,"articles":170,"annexes":0},"prev":{"path":"/mifid-ii/recitals/39","key":"39","title":"Recital 39"},"next":{"path":"/mifid-ii/recitals/41","key":"41","title":"Recital 41"},"act_anchor":""}}} -->
# Recital 40

*In force · Directive 2014/65/EU, OJ L 173, 12.6.2014 · Checked against EUR-Lex on 28 Sep 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065)*

The application of this Directive to investment firms and credit institutions when selling or advising clients in relation to structured deposits, should be understood as when acting as intermediaries for those products issued by credit institutions that can take deposits in accordance with Directive 2013/36/EU.