Retail client - COBS Provision

The JC’s Reg and Leg resource™ UK Edition Go Premium To see the current text of COBS 3.4 in the FCA handbook, click here. Index: Click ᐅ to expand: Regulation Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

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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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Not a professional client, and not an eligible counterparty. A person with whom, generally, a MiFID-regulated investment bank will want little to do. Unless they're PWM clients, of course.