Professional client
Jump to navigation
Jump to search
Under the COBS rules, a professional client is one who is categorised as either a per se professional client, or an elective professional client.
There is some overlap with the other MiFID categorisations. An elective professional client is a subset of the class of retail clients; an eligible counterparty is a subset of per se professional clients.
There is a handy decision tree in the panel below.
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)
|
The JC’s Reg and Leg resource™
UK Edition {{{2}}}
|