Per se eligible counterparty - COBS Provision

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MiFID Categorisation

• Professional clients: per se professional client | elective professional client
  
• ECPs: per se eligible counterparty | elective eligible counterparty | COBS 1 Annex 1 for disapplication of COBS rules to ECPs
  
• Retail client: See COBS 3.4: one who is not a professional client or an ECP
  
• Categorisation decision tree (pdf)
  

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Section 3.6.2, COBS Rules

COBS Rules
COBS 3.6.2 - Per se eligible counterparties

Each of the following is a per se eligible counterparty (including an entity that is not from an EEA state that is equivalent to any of the following) unless and to the extent it is given a different categorisation under this chapter:

(1) an investment firm;

(2) a credit institution;

(3) an insurance company;

(4) a collective investment scheme authorised under the UCITS Directive or its management company;

(5) a pension fund or its management company;

(6) another financial institution authorised or regulated under EU legislation or the national law of an EEA State;

(7) an undertaking exempted from the application of MiFID under either Article 2(1)(k) (certain own account dealers in commodities or commodity derivatives) or Article 2(1)(l) (locals) of that directive;

(8) a national government or its corresponding office, including a public body that deals with the public debt;

(9) a central bank;

(10) a supranational organisation.

View Template

To be compared and contrasted with elective eligible counterparty. These matter greatly when categorising clients for MiFID purposes, particularly in the context of best execution.

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