Article 4:18d

• 1

  A manager of an investment institution or investment firm may designate a client who is a professional investor as a non-professional investor on request or on its own initiative by investment service, transaction or generally. The manager of an investment institution or investment firm shall inform a client who is a professional investor that it may request to be categorized as a non-professional investor, unless the manager of an investment institution or investment firm has established a policy indicating that it will not grant such a request.

• 2

  If the manager of an investment institution or investment firm and the client agree that the client will be qualified as a non-professional investor, this shall be laid down in an agreement. This shall specify the investment services, types of financial instruments or transactions to which the qualification as a retail investor applies.