COBS 2.4.2 "Deemed" Professional Clients

(a) A Person is a "deemed" Professional Client if that Person is:
(i) a Person which, as at the date of its most recent financial statements, met at least two of the following requirements:
(A) a balance sheet total of US$20 million;
(B) a net annual turnover of US$40 million; or
(C) own funds or called up capital of at least US$2 million
(a "Large Undertaking");
(ii) a supranational organisation whose members are either countries, central banks or national monetary authorities;
(iii) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
(iv) a public authority or state investment body;
(v) a Recognised Body;
(vi) an Authorised Person;
(vii) the management company of a regulated pension fund;
(viii) a Collective Investment Fund or a regulated pension fund;
(ix) a Body Corporate whose shares are listed or admitted to trading on any exchange of an IOSCO member country;
(x) any other institutional investor whose main activity is to invest in Financial Instruments, including an entity dedicated to the securitisation of assets or other financial transactions;
(xi) a trustee of a trust which has, or had during the previous twelve months, assets of at least US$10,000,000. An individual trustee on the board of such a trust is only a "deemed" Professional Client in relation to that particular trust;
(xii) a holder of a licence under the Single Family Office Regulations with respect to its activities carried on exclusively for the purposes of, and only in so far as it is, carrying out its duties as a Single Family Office; or
(xiii) a Subsidiary or a Parent of any of the Persons described in Rules 2.4.2(a)(i)–(xii).
(b) An Authorised Person must have a reasonable basis for classifying a Person as falling within the list of "deemed" Professional Clients above, including by inspecting copies of any necessary supporting documentation and keeping records of the same.