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  1. Point in time
    2016-05-27

COBS 3.3 General notifications

COBS 3.3.1 R RP

A1firm must:

  1. (1)

    notify a new client of its categorisation as a retail client, professional client, or eligible counterparty in accordance with this chapter; and

  2. (2)

    prior to the provision of services, inform a client in a durable medium about:

    1. (a)

      any right that client has to request a different categorisation; and

    2. (b)

      any limitations to the level of client protection that such a different categorisation would entail.

[Note: paragraph 2 of section I of annex II to MiFID and articles 28(1) and (2) and the second paragraph of article 50(2) of the MiFID implementing Directive]

COBS 3.3.2 G RP

This chapter requires a firm to allow a client to request re-categorisation as a client that benefits from a higher degree of protection (see COBS 3.7.1 R). A firm must therefore notify a client that is categorised as a professional client or an eligible counterparty of its right to request a different categorisation whether or not the firm will agree to such requests. However, a firm need only notify a client of a right to request a different categorisation involving a lower level of protection if it is prepared to consider such requests.