DISCLAIMER : Under the Markets in Financial Instruments Directive (MiFID), we may treat you as an elective professional client if, after our assessment of your expertise, experience, and knowledge of you, we are reasonably assured that, in light of the nature of the transactions or services envisaged, you are capable of making your own investment decisions and understanding the risks involved. This is the “qualitative test”. In making our assessment we may rely on information we already possess about you and/or request additional information from you and/or call you to discuss your investment experience. WARNING: Professional vs Retail Categorisation: As a Professional Client, you are granted fewer protections than if you were categorised as a Retail Client. In particular: 1. you are likely to be provided with less information with regard to us, our services and any investments (for example on costs, commissions, fees and charges); 2. communications, including financial promotions made by us with professional clients are not subject to all of the requirements imposed by MiFID on communications with Retail clients. 3. where we assess the appropriateness of a product or service, we can assume that you have sufficient knowledge and experience to understand the risks involved; 4. if we are required to assess the suitability of a personal recommendation made to you, we can assume that you have sufficient experience and knowledge to understand the risks involved, and can sometimes assume that you are able financially to bear any investment risks consistent with your investment objectives; 5. when fulfilling our best execution requirements we are not required to prioritise the overall costs of the transaction as being the most important factor in achieving best execution for you; 6. we do not need to inform you of material difficulties relevant to the proper carrying out of your order(s) promptly; 7. should we provide you with periodic statements, we are not required to provide them as frequently as for Retail Clients; and 8. you are likely to have fewer rights to compensation of loss in the event of our bankruptcy under any scheme under local law for the payment of compensation. Client Declaration and Warranties: 1. You have carried out transactions and warranties. You need to comply with at least 2 out of the 3 following conditions : 1 – you have carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous 4 quarters. 2. The size of your financial instrument portfolio, defined as including cash deposits AND financial instruments, exceeds EUR 500,000. 3. You work or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transaction or services envisaged. Please consult our data protection policy (Chapter 16) on our website.