After Article 55, insert -
"SCHEDULE 1 PROFESSIONAL CLIENTS FOR THE PURPOSES OF THIS REGULATION
Article 2
Part 1 Introduction
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.
2. In order to be considered to be a professional client, the client must comply with the criteria set out in Part 2 or Part 3 of this Schedule.
Part 2 Categories of client who are considered to be professional clients
3. The following are professional clients in relation to all investment services and activities and financial instruments for the purposes of the Regulation -
(a) 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: entities which are authorised or regulated in the United Kingdom under FSMA, entities authorised by a Member Sta