Article 4:18c

• 1

  A manager of an investment institution or investment firm may designate a non-professional investor as a professional investor at his request if, in the opinion of the manager of an investment institution or investment firm, he has sufficient expertise, knowledge and experience in relation to the nature of the investment services, investment activities or ancillary services envisaged to make his own investment decisions and assess the associated risks.

• 2

  A non-professional investor is considered to have sufficient expertise, knowledge and experience as referred to in the first paragraph if he meets at least two of the following three criteria:

  • 1°.

    during the previous four quarters, the client has conducted an average of ten transactions of significant size in the relevant market per quarter;

  • 2°.

    the size of the non-professional investor's portfolio of financial instruments and cash deposits exceeds €500,000; or

  • 3°.

    the non-professional investor is or has been employed for at least one year in the financial sector, where he is or has been engaged in a profession requiring knowledge of the investment services, investment activities or ancillary services envisaged.

• 3

  An agreement between the manager of an investment institution or investment firm and the non-professional investor shall specify the investment services, types of financial instruments or transactions to which the qualification as a professional investor applies.

• 4

  By order in council, rules will be established regarding the procedure to be followed.