Eligible counterparties - 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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3.6 Eligible counterparties

3.6.1

3.6.2 Per se eligible counterparties

3.6.3

3.6.4 Elective eligible counterparties

3.6.5

3.6.6

3.6.7 Client and firm located in different jurisdictions

Commentary=

See particularly COBS 1 Annex 1 for disapplication of certain COBS rules, including best execution, to ECPs

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