Regulations 3, 5, 48 and 51.

Definition of "professional client"

1. A professional client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. In order to be considered to be a professional client, the client must comply with the following criteria:

Clients which are professional clients

2. The following are regarded as professionals in all investment services and activities and financial instruments:

(a) the following entities which are required to be authorised or regulated to operate in the financial markets, including all authorised entities carrying out the characteristic activities of the entities mentioned (whether entities authorised by a Member State under a Directive, entities authorised or regulated by a Member State without reference to a Directive or entities authorised or regulated by a third country):

(i) credit institutions;

(ii) investment firms;