2.1.1. Obligation to classify Clients

An Authorised Firm providing any Financial Products or Financial Services to any Person must classify that Person as one of the following categories of Client:

• (a) a Retail Client;
• (b) a Professional Client; or
• (c) a Market Counterparty

2.1.2. Obligation to notify classification to Clients

An Authorised Firm must notify a new Client of its classification as a Retail Client, Professional Client, or Market Counterparty in accordance with COB 2.1.1 in respect of the Financial Product or Financial Service being provided to that Client.

2.1.3. Person may be classified as more than one category of Client

An Authorised Firm may classify a Person as belonging to different categories of Client in respect of:

• (a) a specific Financial Product, Financial Service, or Transaction; or
• (b) different types of Financial Product or Transaction, which are to be provided to, or carried out on behalf of, that Person.