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Template:COBS Section 3.5.2: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "'''COBS {{cobsprov|3.5.2}} - {{cobsprov|Per se professional clients}}''' <br> <br> Each of the following is a {{cobsprov|per se professional client}} unless and to the extent...") |
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::(f) a pension fund or the management company of a pension fund; <br> | ::(f) a pension fund or the management company of a pension fund; <br> | ||
::(g) a commodity or commodity derivatives dealer; <br> | ::(g) a commodity or commodity derivatives dealer; <br> | ||
::(h) a local; <br> | ::(h) a local; [''Note this is '''not''' a typo!''] <br> | ||
::(i) any other institutional investor; <br> | ::(i) any other institutional investor; <br> | ||
:(2) in relation to {{tag|MiFID}} or equivalent third country business a large undertaking meeting two of the following size requirements on a company basis: <br> | :(2) in relation to {{tag|MiFID}} or equivalent third country business a large undertaking meeting two of the following size requirements on a company basis: <br> | ||
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::(b) net turnover of EUR 40,000,000; <br> | ::(b) net turnover of EUR 40,000,000; <br> | ||
::(c) own funds of EUR 2,000,000; <br> | ::(c) own funds of EUR 2,000,000; <br> | ||
:(3) in relation to business that is not MiFID or equivalent third country business a large undertaking meeting | :(3) in relation to business that is not MiFID or equivalent third country business a large undertaking meeting any of the following conditions: <br> | ||
::(a) a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) (or has had at any time during the previous two years) 1 called up share capital or net assets | ::(a) a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) (or has had at any time during the previous two years) 1 called up share capital or net assets, of at least £51 million (or its equivalent in any other currency at the relevant time); <br> | ||
::(b) an | ::(b) an undertaking that meets (or any of whose holding companies or subsidiaries meets) two of the following tests: <br> | ||
:::(i) a balance sheet total of EUR 12,500,000; <br> | :::(i) a balance sheet total of EUR 12,500,000; <br> | ||
:::(ii) a net turnover of EUR 25,000,000; <br> | :::(ii) a net turnover of EUR 25,000,000; <br> | ||
:::(iii) an average number of employees during the year of 250; <br> | :::(iii) an average number of employees during the year of 250; <br> | ||
::(c) | ::(c) a partnership or unincorporated association which has (or has had at any time during the previous two years) net assets of at least £5 million (or its equivalent in any other currency at the relevant time) and calculated in the case of a limited partnership without deducting loans owing to any of the partners; <br> | ||
:::(i) at least 50 members; and | ::(d) a trustee of a trust (other than an occupational pension scheme, SSAS, personal pension scheme or stakeholder pension scheme) which has (or has had at any time during the previous two years) assets of at least £10 million (or its equivalent in any other currency at the relevant time) calculated by aggregating the value of the cash and designated investments forming part of the trust's assets, but before deducting its liabilities; <br> | ||
:::(ii) assets under management of at least £10 million (or its equivalent in any other currency at the relevant time); | ::(e) a trustee of an occupational pension scheme or SSAS, or a trustee or operator of a personal pension scheme or stakeholder pension scheme where the scheme has (or has had at any time during the previous two years): <br> | ||
:::(i) at least 50 members; and <br> | |||
:::(ii) assets under management of at least £10 million (or its equivalent in any other currency at the relevant time);<br> | |||
::(f) a local authority or public authority. <br> | |||
(4) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECP, the EIB) or another similar international organisation; <br> | |||
:(5) another institutional investor whose main activity is to invest in financial instruments (in relation to the firm's {{tag|MiFID}} or equivalent third country business) or designated investments (in relation to the firm's other business). This includes entities dedicated to the securitisation of assets or other financing transactions. <br> <br> | :(5) another institutional investor whose main activity is to invest in financial instruments (in relation to the firm's {{tag|MiFID}} or equivalent third country business) or designated investments (in relation to the firm's other business). This includes entities dedicated to the securitisation of assets or other financing transactions. <br> <br> | ||