If a structured deposit has only one variable affecting the return received on maturity (the agreed term), and has an exit fee that is either a fixed sum, a fixed sum for each month remaining until maturity (the agreed term) or a percentage of the original sum invested, would it still be considered a non-complex financial instrument, in accordance with point (v) of Article 25(4)(a) of MiFID II, if the client is entitled to receive the positive market value of the underlying option, if any, if the client exits prematurely, e.g. in the event of unforeseen liquidity requirement? If the structured deposit is exited prematurely, and not on the agreed upon maturity date, the market value of the underlying option will depend on more than one variable, i.e. the underlying index, the volatility of the index, time to maturity.

The cumulative effect of the costs on the return shall show “anticipated spikes and fluctuations of the costs”; does that also apply to the ex-post disclosure of the cumulative effect of the costs on the return?

When applying for the authorisation as a CSP, what are the proofs of own funds that existing
undertakings can provide to the relevant authorising authority for the purpose of point (i) of
Article 12(2) of the ECSPR and Field 10 of the Annex to the Delegated Regulation
2022/2112?

Can a CSP hold a participation in a SPV?

When should an entity be considered as an SPV within the meaning of point (q) of Article 2(1)
of the ECSPR ?