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 a professional client, the client is required to be a client to whom paragraph 2 or 3 relates.
Categories of client who are considered to be professionals
2. The following should all be regarded as professionals in all investment services and financial instruments for the purposes of these Regulations.
(1) Entities which are required to be authorised or regulated to operate in the financial markets. The list below should be understood as including all authorised entities carrying out the characteristic activities of the entities mentioned: 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 a non-Member State: