1.Investment firms shall notify new clients, and existing clients that the investment firm has newly categorised as required by [F2UK law on markets in financial instruments], of their categorisation as a retail client, a professional client or an eligible counterparty in accordance with that Directive.
2.Investment firms shall 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 a different categorisation would entail.
3.Investment firms may, either on their own initiative or at the request of the client concerned treat a client in the following manner:
(a)as a professional or retail client where that client might otherwise be classified as an eligible counterparty pursuant to [F3rule 3.6.2 of the Conduct of Business sourcebook];
(b)a retail client where that client that is considered a professional client pursuant to [F4Part 2 of Schedule 1 to Regulation (EU) No 600/2014].
Textual Amendments
F1Words in Art. 45 heading omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 46(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 45(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 46(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in Art. 45(3)(a) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 46(2)(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 45(3)(b) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 46(2)(c)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)