2.4.1. Requirements to be a Deemed Professional Client

For the purposes of COB 2.3.1, each of the following entities is a Deemed Professional Client unless it is a Market Counterparty or is given a different classification under COB 2:

(a)       a national or regional government;

(b)       a public body that manages public debt;

(c)       a central bank;

(d)       an international or supranational institution (such as the World Bank, the International Monetary Fund, or the European Investment Bank) or other similar international organisation;

(e)       an Authorised Firm, or any other authorised or regulated financial institution, including a bank, securities firm or insurance company;

(f)        an Authorised Market Institution, or any other authorised or regulated exchange, trading facility, central securities depository, or clearing house;

(g)       a Collective Investment Scheme or its management company, or any other authorised or regulated collective investment undertaking or the management company of such an undertaking;

(h)       a pension fund or the management company of a pension fund;

(i)        a commodity dealer or a commodity derivatives dealer;

(j)        a Large Undertaking as specified in COB 2.4.2;

(k)       a Body Corporate whose shares are listed or admitted to trading on any exchange of an IOSCO member country;

(l)        a trustee of a trust which has, or had during the previous 12 months, assets of at least USD 10 million; or

(m)      any other institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financial transactions.

2.4.2. Large Undertakings

A Person is a Large Undertaking for the purposes of COB 2.4.1(j) if it met, as at the date of its most recent financial statements, at least two of the following requirements:

(a)       it has total assets of at least USD 20 million on its balance sheet;

(b)      it has a net annual turnover of at least USD 40 million; or

(c)       it has own funds of at least USD 2 million.