It is a client who is neither a Professional Client nor an Eligible Counterparty.

As a matter of policy, Olive Tree Capital Markets Limited does not serve retail clients.

• Entities which are required to be authorised or regulated to operate in the financial markets, including credit institutions, investment firms, insurance companies, collective investment schemes and pension funds and their management companies, commodities and commodity derivative dealers, and other institutional investors;
• large undertakings meeting two of the following size requirements on a company basis:
  
• balance sheet total of €20 million;
  
• net turnover of €40 million;
  
• own funds of €2 million;
  
• national and regional governments, public bodies that manage public debt, central banks and international and supranational institutions;
  
• other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.
  

Firms which are treated automatically as Eligible Counterparties include:

• Investment firms;
• Credit institutions;
  
• Insurance companies;
  
• UCITS and their management companies;
  
• Pension funds and their management companies;
  
• Other authorised and regulated financial institutions;
  
• Certain undertakings exempted from the application of MiFID;
  
• National governments and public bodies that deal with public debt; and
  
• Central banks and supranational institutions.
  

Under MiFID, Professional Clients and Retail Clients may move between categories. In particular, Retail Clients can request to be treated as Professional Clients.

Under MiFID, Investment Firms must take reasonable care to ensure that a Retail Client requesting treatment as a Professional Client is able to meet similar qualitative criteria and, a separate quantitative test. At least two of the following quantitative criteria must be met:

• the client has carried out transactions, in significant size, on the relevant market at an average frequency of ten per quarter over the previous four quarters;
  
• the size of the client's financial instrument portfolio, defined as including cash deposit and financial instrument, exceeds €500,000;
  
• the client works or has worked in the financial sector for at least one year in a professional position which requires knowledge of the transactions or services envisaged.
  

Clients have the right to request a different classification in order to benefit from a higher degree of regulatory protection should they require it. Please bear in mind that it is Olive Tree Capital Markets Limited’s policy to refrain from serving retail clients.