Requirement (MIFID)
Article 28 Information concerning client categorisation
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
1. Member States shall ensure that investment firms notify new
clients, and existing clients that the investment firm has newly
categorised as required by Directive 2004/39/EC, of their
categorisation as a retail client, a professional client or an
eligible counterparty in accordance with that Directive.
2. Member States shall ensure that investment firms inform
clients in a durable medium about any right that client has to
request a different categorisation and about any limitations to the
level of client protection that it would entail.
3. Member States shall permit investment firms, either on their
own initiative or at the request of the client concerned:
(a) to treat as a professional or retail client a client that might
otherwise be classified as an eligible counterparty pursuant
to Article 24(2) of Directive 2004/39/EC;
(b) to treat as a retail client a client that is considered as a
professional client pursuant to Section I of Annex II to
Directive 2004/39/EC.
Comment
Applies to Article 19(3) of Directive 2004/39/EC