<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-11-09","gaps":[],"covered":["ESMA Q&A 1979 — Q&A — Payments [Answer Published] 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":"/mifir/level-3/q-and-a/esma/esma-qa-1979-payments","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1979-payments","title":"ESMA Q&A 1979 — Q&A — Payments [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1979-payments","status":"answer published","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, 9 November 2018","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1979","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"846760d7c8a64c86","change_date":null,"nearest_versions":["2018-11-09"],"first_text_date":null,"correction_applies":false,"versions":["2018-11-09"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1979-payments/versions/2018-11-09","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1979-payments/versions/2018-11-09/rev/846760d7c8a64c86","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1979-payments/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1979-payments/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 9 Nov 2018 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2018-11-09","question_submitted_on":"2018-11-09","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1979, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1979, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1979 — Q&A — Payments [Answer Published]"
shortTitle: "ESMA Q&A 1979 — Q&A — Payments [Answer Published]"
answer_id: ESMA_QA_1979
topic: "Product intervention"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "ESMA Decision 2018/795; ESMA Decision 2019/796"
date: 9 November 2018
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1979
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 9 November 2018"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1979"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1979: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2018-11-09"
  question_submitted_on: "2018-11-09"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1979, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1979, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 9 Nov 2018 [Answer Published]**

*Answer Published · ESMA Q&A register, 9 November 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1979)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1979 — Q&A — Payments \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1979 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 9 November 2018; question submitted 9 November 2018 |
| **Legal basis** | ESMA Decision 2018/795; ESMA Decision 2019/796 |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Payments**

### Question

What is considered “payments for the purpose of entering into a CFD”?

***

### Answer

\[ESMA 35-36-1262 Q&As on product intervention Q&A nr 5.2\]

The definition of initial margin in the CFD Decision refers to payments for the purpose of entering into a CFD, excluding commission, transaction fees, and any other related costs. Payment for the purpose of entering into a CFD is limited to cash.

“Payments“ do not include firms crediting cash to the client’s account based on collateralised cash from other assets, held by the retail client being used as collateral, whether such assets are within or separate to the CFD trading account.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1979)