Article 2.

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 State under a Directive, entities authorised or regulated by a Member State without reference to a Directive, and entities authorised or regulated by another third country) and comprising -

(i) credit institutions;

(ii) investment firms;

(iii) other authorised or regulated financial institutions;

(iv) insurance companies;

(v) collective investment schemes and management companies of such schemes;

(vi) pension funds and management companies of such funds;

(vii) commodity and commodity derivatives dealers;

(viii) locals;