{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-06-01","gaps":[],"covered":["ESMA Q&A 1981 — Q&A — Aggregate liability [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-1981-aggregate-liability","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability","title":"ESMA Q&A 1981 — Q&A — Aggregate liability [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 1 June 2018","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1981","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"fdf2ceb02bd67198","change_date":null,"nearest_versions":["2018-06-01"],"first_text_date":null,"correction_applies":false,"versions":["2018-06-01"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability/versions/2018-06-01","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability/versions/2018-06-01/rev/fdf2ceb02bd67198","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 1 Jun 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":"2018-06-01","question_submitted_on":"2018-06-01","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1981, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1981, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1981","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1981-aggregate-liability.md","body_sha256":"8081829ea5364f3fa77b95fc010a6e9e59ae1ba2d4d0c4188aa7125833d3d25d"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1981 — Q&A — Aggregate liability [Answer Published]\"\nshortTitle: \"ESMA Q&A 1981 — Q&A — Aggregate liability [Answer Published]\"\nanswer_id: ESMA_QA_1981\ntopic: \"Product intervention\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"ESMA Decision 2018/795; ESMA Decision 2019/796\"\ndate: 1 June 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1981\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 1 June 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1981\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1981: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2018-06-01\"\n  question_submitted_on: \"2018-06-01\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1981, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1981, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 1 Jun 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 1 June 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1981)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1981 — Q&A — Aggregate liability \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1981 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 1 June 2018; question submitted 1 June 2018 |\n| **Legal basis** | ESMA Decision 2018/795; ESMA Decision 2019/796 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Aggregate liability**\n\n### Question\n\nWhat is considered the retail client’s aggregate liability in relation to negative balance protection?\n\n***\n\n### Answer\n\n\\[ESMA 35-36-1262 Q&As on product intervention, question 5.4\\]\n\nNegative balance protection means firms must limit the retail client’s aggregate liability for all CFDs connected to a CFD trading account to the funds in that CFD trading account. This implies that a client can never lose more money than the funds specifically dedicated to CFD trading.\n\nFunds in a CFD trading account are limited to the cash in the CFD trading account and unrealised net profits from open positions. Funds in the CFD trading account do not include any funds or other assets held in client accounts for purposes other than CFD trading. Open CFD positions means contracts for differences contracts (as defined in Article 1(a) of the CFD Decision) entered in to by the client.\n\nThis does not prevent firms from using the profits from the closure of open positions, as required by margin close-out protection as defined in Article 1(e) of the CFD Decision.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1981)\n"}