Guidelines on complex debt instruments and structured deposits

ESMA guidelines (ESMA/2015/1787), applying from 3 January 2017, on when debt instruments embed a derivative or have a structure that makes the risk hard to understand, and when structured deposits make the risk of return or the cost of early exit hard to understand, so that they are complex and excluded from execution-only under Article 25(4) MiFID II, with a non-exhaustive list of examples.