You are likely to be a Private Client if you do not qualify as an Institutional Client as defined below. However, if you are an experienced investor or high net worth, you may (upon request and careful consideration) be eligible for treatment similar to that of an institutional client.
You are likely to be an Institutional Client if you are:
- an entity required, under the laws of the jurisdiction in which you carry on business, to be authorized or regulated to operate in the financial markets (which includes but is not limited to financial intermediaries such as: banks, investment firms, broker dealers, insurance companies, insurance intermediaries, funds, pension funds or management companies);
- a large undertaking (the term ‘undertaking’ includes corporates, partnerships and unincorporated associations);
- a national government, central bank, international or supranational institution;
- a regional government, sub-national organization or state-owned agency that manages public debt; or
- an institutional investor whose main activity is to invest in financial instruments, which includes entities dedicated to the securitization of assets or other financing transactions.
The term Institutional Client in particular covers professional clients in terms of MiFID and AIFMD or equivalent rules outside the EU, certain investors deemed to be professional investors based on local law (such as “well informed investors” in Luxembourg).
You are likely to be a Qualified Investor if you are:
- a regulated financial intermediary such as a bank, a securities firm, a portfolio manager, a trustee, a fund management company or and an asset manager of collective investment schemes or an insurance company;
- a central bank, a public entity with professional treasury operations, a national or supranational public entity with professional treasury operations
- an occupational pension scheme with a professional treasury operations or other occupational pension institution providing professional treasury operations;
- a company or a private investment structure with professional treasury operations for HNW private clients;
- a large company exceeding two of the following parameters: (a) balance sheet total of CHF 20 million; (b) turnover of CHF 40 million; equity of CHF 2 million;
- a private client who has concluded a permanent asset management agreement or a permanent advisory agreement in writing with a financial intermediary or an independent asset manager pursuant to Swiss law unless they have declared in writing that they do not wish to be treated as such. Such declaration must be made in writing or in another form demonstrable via text.
The term Qualified Investor pursuant to CISA covers in particular professional clients and institutional clients in terms of the Swiss Financial Services Act (FINSA).
You are kindly requested to switch to “Private / Non-qualified Investor” should you not fall within one of these categories of “Qualified Investor”.
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