ESMA has published its final report containing guidelines on complex debt instruments and structured deposits under MiFID II following its consultation in March 2015. Article 25(4) of MiFID II allows investment firms to provide investment services that consist only of execution or reception and transmission of orders without obtaining client information necessary to assess the appropriateness of the service or product. These services must relate to products that are deemed to be "non-complex" and ESMA is required to develop guidelines of certain types of debt instruments and structured deposits for this purpose. The guidelines contain a non-exhaustive list of examples of debt instruments that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved and complex structured deposits and will apply from 3 January 2017.