Elective Professional Client. Clients other than those mentioned in paragraph 1 (Professional clients per se) may be treated as professionals on request. The Company is allowed to treat any of the Retail Clients as Professional provided the relevant criteria and procedure mentioned below are fulfilled. Any waiver of the protection afforded by the standard conduct of business regime will be effected only if an adequate assessment of the expertise, experience and knowledge of the Client, undertaken by the Company, gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the Client is capable of making his own investment decisions and understanding the risks involved. The fitness test applied to managers and directors of entities licensed under Directives in the financial field could be regarded as an example of the assessment of expertise and knowledge. In the case of small entities, the person subject to the above assessment should be the person authorised to carry out transactions on behalf of the entity. In the course of this assessment (fitness test), as a minimum, two of the following criteria should be satisfied:
Elective Professional Client. If you have been classified as a Retail Client, you may request a reclassification as an “Elective Professional Client” in accordance with MiFID II and the Client Classification rules as set out in the Conduct of Business Rules (“COBS”) in the Handbook. Should you wish to request this alternative classification and your request be successful, we will have determined that you have sufficient experience and understanding to be classified as an Elective Professional Client. Schedule 2 to this Agreement details a written warning of the regulatory protections you will lose should your request for reclassification be successful. Further, signing the “Request for reclassification and further declarations” section of our “Elective Professional Client Application Form” will be treated as your understanding of your loss of protections and consent to reclassification as an Elective Professional Client. Our response to your request for reclassification will be notified to you (in writing or by email) further to our assessment of your eligibility.
Elective Professional Client. Clients other than those mentioned in paragraph 1 (Professional clients per se) may be treated as professionals on request. The Company is allowed to treat any of the Retail Clients as Professional provided the relevant criteria and procedure mentioned below are fulfilled. Any waiver of the protection afforded by the standard conduct of business regime will be effected only if an adequate assessment of the expertise, experience and knowledge of the Client, undertaken by the Company, gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the Client is capable of making his own investment decisions and understanding the risks involved. The fitness test applied to managers and directors of entities licensed under Directives in the financial field could be regarded as an example of the assessment of expertise and knowledge. In the case of small entities, the person subject to the above assessment should be the person authorised to carry out transactions on behalf of the entity. In the course of this assessment (fitness test), as a minimum, two of the following criteria should be satisfied: • the Client has carried out transactions, in significant size on the relevant market at an average frequency of 10 per quarter over the previous four quarters; • the size of the Client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500 000; • the Client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged. Before deciding to accept any request from a Retail client to be categorized as Professional, the Company is required to take all reasonable steps to ensure that the Client requesting to be treated as a Professional Client meets the relevant requirements stated above. In this respect, the Company may request supporting documents to serve as proof on the above criteria such as (this is not an exhaustive list) bank statements, reference letter from employer, trading history statement, etc.
Elective Professional Client are: For an Elective Professional Client, the client must meet the certain criteria as required by the FCA. These • A client must pass a “Qualitative test” and we must assess their knowledge, experience and expertise to ensure they are capable of making their own investment decisions. • A client must also satisfy a “Quantitative test” and satisfy 2 of the following where applicable: o Client has carried out transactions, in significant size and averaged a frequency of over 10 trades per quarter in relevant market over the period of the last 12 months; o Value of investment portfolio and cash investments over EURO 500,000; o Be employed or had been employed in the relevant financial sector for over a year in a professional position which requires knowledge of the transactions or services envisaged;
