Given the definition of deposit broker contained in Article 411 (4) of CRR2, it appears that CRR2 does not place any limit or restriction on the type of entity placing the deposit to be considered as a deposit broker, as it includes natural persons and undertakings. The Article 411 (4) explicitly states not to consider deposits by financial customers as deposit broker. Please consider the PIC definition in Article 411, paragraph 3: “the company or a trust, the owner or beneficial owner of which is a natural person or a group of closely related natural persons, who does not exercise any other industrial or professional activity[…]”. That said, can deposit placed by a company or a trust owned by natural person or a group of closely related natural persons considered a deposit broker?