This presentation is a summary of the subject and is provided ...

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This presentation is a summary of the subject and is provided ...

  1. 1. <ul><li>Client Classification </li></ul><ul><li>under </li></ul><ul><li>The Licensees (Conduct of Business) Rules 2009 </li></ul>This presentation is a summary of the subject and is provided for use as a training tool and reference guide. They do not purport to give specific legal or other advice, and before acting, further advice should always be sought. Whilst every care has been taken in producing these slides, neither the author or Collas Day shall be liable for any errors, misprint or misinterpretation of any of the matters set out in them. All copyright in this material belongs to Collas Day. Start
  2. 2. Has your client requested categorisation as a Retail Client? YES NO Back to start
  3. 3. <ul><li>Is your client: </li></ul><ul><li>any entity licensed for Dealing, Managing or Advising under the POI Law (or equivalent law); </li></ul><ul><li>a regulated bank, insurer, collective investment scheme in Guernsey or elsewhere; </li></ul><ul><li>a pension scheme or its management company; </li></ul><ul><li>a national government; </li></ul><ul><li>a central bank; or </li></ul><ul><li>a supranational organisation? </li></ul>YES NO Back to start
  4. 4. Definitions: Large Undertaking means a company that satisfies 2 of : Balance sheet total of £13m; net turnover of £26m; and own funds of £1.3m. Professional Investor means, as defined in the QIF rules guidance: a Government, local authority, public authority or supra-national body (in the Bailiwick or elsewhere) or a body whose business is investment management or advice. Is your client a Large Undertaking and/or Professional Investor? YES NO Back to start
  5. 5. Note: “ A member of the public” is not defined under the Rules. We would suggest that, in the context, this means an individual who does not have experience or expertise relevant to the services offered by the licensee. Is your client a member of the Public? YES NO Back to start
  6. 6. Have you undertaken an adequate assessment of the expertise, experience and knowledge of your client as a result of which, you consider your client is capable of making their own investment decisions and understanding what is involved ? YES NO Back to start
  7. 7. Has your client stated in writing they wish to be treated as a Professional Client? YES NO Back to start
  8. 8. Have you given your client clear written warning of the loss of protection and investor compensation rights resulting from electing to be a Professional Client? YES NO Back to start
  9. 9. Has your client requested categorisation as an Eligible Counterparty? YES NO Back to start
  10. 10. Have you undertaken an adequate assessment of the expertise, experience and knowledge of your client as a result of which you consider your client is capable of making their own investment decisions and understanding what is involved? YES NO Back to start
  11. 11. Has your client given express confirmation that it agrees to be treated as an Eligible Counterparty? YES NO Back to start
  12. 12. Has your Client confirmed in writing in a separate document from the service contract that it is aware of the consequences of losing such protection? YES NO Back to start
  13. 13. Answer Retail Client Back to start
  14. 14. Per se Eligible Counterparty Answer Back to start
  15. 15. Per se Professional Client Answer Back to start
  16. 16. Elective Eligible Counterparty Answer Back to start
  17. 17. Elective Professional Client Answer Back to start
  18. 18. <ul><li>CONTACT: </li></ul><ul><li>Sean Cheong e: [email_address] t: +44 (0) 1481 734202 </li></ul><ul><li>Jason Romer </li></ul><ul><li>e: [email_address] t: +44 (0) 1481 734296 </li></ul><ul><li> Note: </li></ul><ul><li>The GFSC proposes to issue Guidance Notes to cover client categorisation. This presentation is a summary of the subject and is provided for use as a training tool and reference guide. They do not purport to give specific legal or other advice, and before acting, further advice should always be sought. Whilst every care has been taken in producing these slides, neither the author or Collas Day shall be liable for any errors, misprint or misinterpretation of any of the matters set out in them. All copyright in this material belongs to Collas Day. </li></ul>Back to start

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