Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

intermediate customer

  1. (1) (except in COB 3) a client who is not a market counterparty and who is:but excluding:
    1. (a) a local authority or public authority;
    2. (b) a body corporate whose shares have been listed or admitted to trading on any EEA exchange;
    3. (c) a body corporate whose shares have been listed oradmitted to trading on the primary board of any IOSCO member country official exchange;
    4. (d) a body corporate (including a limited liability partnership) which has (or any of whose holding companies or subsidiaries has) (or has had at any time during the previous two years) called up share capital or net assets of at least £5 million (or its equivalent in any other currency at the relevant time);
    5. (e) a special purpose vehicle;
    6. (f) a partnership or unincorporated association which has (or has had at any time during the previous two years) net assets of at least £5 million (or its equivalent in any other currency at the relevant time) and calculated in the case of a limited partnership without deducting loans owing to any of the partners;
    7. (g) a trustee of a trust (other than an occupational pension scheme, SSAS or stakeholder pension scheme) which has (or has had at any time during the previous two years) assets of at least £10 million (or its equivalent in any other currency at the relevant time) calculated by aggregating the value of the cash and designated investments forming part of the trust's assets, but before deducting its liabilities;
    8. (h) a trustee of an occupational pension scheme SSAS or stakeholder pension scheme where the trusthas (or has had at any time during the previous two years):
      1. (i) at least 50 members; and
      2. (ii) assets under management of at least £10 million (or its equivalent in any other currency at the relevant time);
    9. (i) another firm, or an overseas financial services institution, when, in relation to designated investment business, or related ancillary activities, conducted with or for that firm or institution, that firm or institution is an intermediate customer in accordance with COB 4.1.7 R (Classification of another firm or an overseas financial services institution);
    10. (j) collective investment scheme;
    11. (k) a client when he is classified as an intermediate customer in accordance with COB 4.1.9 R (Expert private customer classified as intermediate customer);
    12. (l) a recognised investment exchange, designated investment exchange, regulated market or clearing house, except when it is classified as a market counterparty in accordance with COB 4.1.8A R (Classification of an exchange or clearing house);
    13. (i) [deleted]
    14. (ii) a client who would otherwise be an intermediate customer, when he is classified in accordance with:
      1. (A) COB 4.1.12 R (Large intermediate customer classified as market counterparty); or
      2. (B) (except for the purposes of DISP) COB 4.1.14 R (Client classified as private customer).
    but excluding:
  2. (2) (in COB 3) a person in (1) or a person who would be such a person if he were a client.51018