MiFID regulations require MEXEM to categorize its clients as either Retail or Professional in order to determine the correct level of investor protection and transparency.
It is possible to be reclassified from Retail to Professional once certain qualitative, quantitative and procedural requirements are met.
Qualitative Requirements: we must conduct an assessment of your expertise, experience and knowledge to ensure that you are capable of making your own investment decisions and that you understand the risks involved.
Quantitative Requirements: we must ensure you have satisfied two of the following criteria:
- You have carried out trades in significant size (EUR 200,000 or greater) on the relevant market at an average frequency of 10 per quarter over the previous 4 quarters;
- Your entire portfolio including cash (and positions not held with MEXEM) exceeds EUR 500,000;
- You have worked in the financial sector for at least 1 year in a professional position.
If you believe you meet the requirements to be reclassified as a Professional, you can submit a request to change your status in Client Portal by selecting the Settings menu followed by Account Settings and Configuration. Click on the Configure (gear) icon next to “MiFID Client Category” and follow the steps on the screen. Please note:
- Depending on your situation you might be requested to upload documentation of portfolios held or trades executed away from MEXEM supporting your request;
- You will be presented with the “Professional Client Notification” document which explains the protections and investor compensation rights you will lose from being classified as Professional. You can also download this document in the Forms and Disclosures page of the MEXEM website.
If all of the above are satisfied, our compliance department will review the request.