(1) In this Part, "qualified investor"in relation to an offer of investments, means a person - (a) described in paragraph 3(a) of Schedule 1 to MIFIR; (b) recognised by the Financial Conduct Authority ("FCA") as an eligible counterparty for the purposes of Section 6 of Chapter 3 of the Conduct of Business sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made by the FCA under FSMA, as the sourcebook has effect on IP completion day; or (c) in respect of whom the conditions mentioned in paragraph (2) are satisfied.

(2) The conditions referred to in paragraph (1)(c) are satisfied in respect of a person ("the proposed investor") where -

(a) the proposed investor confirms in writing to the person making the offer ("the offeror") that the proposed investor is to be treated as a qualified investor for the purposes of this Part;

(b) the offeror carries out an assessment of the proposed investor's expertise, experience and knowledge;

(c) the offeror concludes from the assessment referred to in sub-paragraph (b) that -