(1) An investment firm shall -
(a) notify existing clients that the firm has newly categorized and new clients of their categorization as retail clients, professional clients or eligible counterparties,
(b) inform clients in a durable medium about -
(i) any right of the client to request a different categorization, and
(ii) about any limitations as to the level of client protection that the different categorization would entail.
(2) An investment firm, either on the firm's own initiative or at the request of the client concerned, may -
(a) treat as a professional or retail client a client that might otherwise be classified as an eligible counterparty, or
(b) treat as a retail client a client that is considered as a professional client pursuant to Schedule 2.
(3) An investment firm, in good time before -
(a) a retail client or potential retail client is bound by any agreement for the provision of investment services or ancillary services, or
(b) the provision of those services,
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