Authorised Firm may classify a Person as a Market Counterparty if:
(i) a 'deemed'
Professional Client pursuant to COB Rule 2.3.4;
(ii) an 'assessed'
Professional Client pursuant to COB Rule 2.3.8(2)(b) which is wholly owned by a Holding Company that is a 'deemed' Professional Client pursuant to COB Rule 2.3.4(1)(g) or (h); or
(iii) a 'deemed'
Market Counterparty pursuant to Rule (1A); and
(b) in the case of
Persons referred to in (a)(i) and (ii), the requirements in (2) have been met.
Insurer, Insurance Intermediary or Insurance Manager may 'deem' any one or more of the following Persons to be a Market Counterparty:
(a) a ceding insurer; and
(b) in respect of the services provided to that ceding insurer, any reinsurer, insurance agent or insurance broker that facilitates the provision of the services to the ceding insurer.
(2) For the purposes of (1)(b), an
Authorised Firm must, before classifying a Person as a Market Counterparty, ensure that:
Person has been given a prior written notification of the classification as a Market Counterparty; and
Person has not requested to be classified otherwise within the period specified in the notice.
(3) The notification in (2)(a) may be given in respect of particular
Financial Services or Transactions or in respect of all Financial Services and Transactions.
(4) The notification in (2)(a) need only be given:
(a) in the case of a
Fund, either to the Fund or its Fund Manager; and
(b) in the case of a pension fund, either to such fund or its management company.