The following are defined as “Professional customers by right”:

subjects that are required to be authorised or regulated to operate in the financial markets, be they Italian or foreign, such as:

a) banks;
b) Investment firms;
c) Other authorised or regulated financial institutions;
d) Insurance companies;
e) Collective investment schemes and management companies of such schemes;
f) Pension funds and management companies of such funds;
g) Commodity and commodity derivatives dealers;
h) Entities exclusively dealing on own account in financial instruments markets and indirectly participating in the settlement service, as well as in the clearing and guarantee system (locals);
i) Other institutional investors;
l) Stockbrokers;

(2) Large companies presenting at least two of the following dimensional requirements at individual company level:

– balance sheet total: EUR 20,000,000
– net turnover: EUR 40,000,000
– own funds: EUR 2,000,000.

(3) Institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.