{"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 1982 — Q&A — Monetary benefits [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-1982-monetary-benefits","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1982-monetary-benefits","title":"ESMA Q&A 1982 — Q&A — Monetary benefits [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1982-monetary-benefits","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, 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/1982","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"63d320873e0ad9e8","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-1982-monetary-benefits/versions/2018-06-01","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1982-monetary-benefits/versions/2018-06-01/rev/63d320873e0ad9e8","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1982-monetary-benefits/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1982-monetary-benefits/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_1982, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1982, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1982","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1982-monetary-benefits.md","body_sha256":"7a4a3d99d7465fdacfb643c45d3e3b3f04f57e1505bff97e50a17ba3fede2287"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1982 — Q&A — Monetary benefits [Answer Published]\"\nshortTitle: \"ESMA Q&A 1982 — Q&A — Monetary benefits [Answer Published]\"\nanswer_id: ESMA_QA_1982\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/1982\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 1 June 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1982\"\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_1982: 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_1982, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1982, 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/1982)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1982 — Q&A — Monetary benefits \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1982 |\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**Monetary benefits**\n\n### Question\n\nWhat is considered a “monetary benefit” in relation to the prohibition made to investment firms providing retail clients with a payment, monetary or non-excluded monetary benefit in relation to CFDs?\n\n***\n\n### Answer\n\n\\[ESMA 35-36-1262 Q&As on Product intervention, Q&A 5.5\\]\n\nThe CFD Decision prohibits any form of monetary and non-monetary benefits that aim at incentivising retail investors to trade CFDs or to trade larger volumes of CFDs. The scope of the prohibition includes monetary benefits such as, but not limited to, the offering of bonuses in relation to the opening a new account or the offering of rebates on fees, including volume- based rebates, charged by an investment firm to its retail clients.\n\nMonetary benefits that do not constitute an incentive for retail investors to trade CFDs or to trade larger volumes of CFD, such as lower fees, not linked to volumes, for all retail clients (i.e. competition on price), are allowed.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1982)\n"}