Request for different Categorisation

“professional”, “Eligible Counter-party” or "Retail" investors are those who qualify as defined under the “Markets in Financial Instruments Directive” and implemented into the Laws which provides for the provision of Investment Services, the exercise of Investment Activities, the Operation of Regulated Markets and other related matters in the Republic of Cyprus. 

To apply for different client categorisation/classification, you must meet any one of the following:

  • Retail Client requesting Professional Client classification. The Client will be afforded a lower level of protection;
  • Professional Client requesting Retail Client classification. The Client seeks to obtain a higher level of protection;
  • Eligible Counter-party requesting a Professional Client or Retail Client classification. The Client seeks to obtain a higher level of protection;

Finovel reserves the right to decline any of the above requests for different classification under certain conditions as required by the applicable Laws and Regulations. You will be asked to provide documentary evidence to ensure the above criteria is met as part of our on-boarding process.

A Client may only waive the benefit of the detailed Conduct of Business Rules where the following procedure is followed: 

  • They must state in writing to Finovel that they wish to be treated as a Professional Client, either generally or in respect of a particular Investment Service transaction, or type of transaction or product
  • Finovel will given them a clear written warning of the protection and Investor Compensation rights they might lose
  • They must state in writing, in a separate document from the contract, that they are aware of the consequences of losing such protection.

Professional clients are responsible for keeping Finovel informed about any change which could affect their current classification. We will take appropriate remedial action, should it become aware that the client no longer fulfills the initial conditions which made him/her eligible for a Professional treatment. You may read our Client Categorization Policy, for more information. 

Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under the applicable Laws and Regulations, you should seek independent advice. 

 

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