Common use of Professional Client Clause in Contracts

Professional Client. A client possessing the experience, knowledge and expertise to make his own investment decisions and properly assess the risks that they incur. The following parties shall be regarded as professional clients: a. Legal persons in Iceland or abroad licensed to operate or engaged in regulated activities in financial markets, including financial undertakings and businesses connected with the financial sector, insurance companies, collective investment undertakings and their management companies, pension funds and their management companies, as applicable, commodity and commodity derivatives dealers, locals and other institutional investors; b. Large undertakings meeting at least two of the following requirements: i. Balance sheet total is ISK 1,847 million or higher; ii. Net turnover is ISK 3,695 million or higher; iii. Equity is ISK 185 million or higher. Amounts under this item are base amounts tied to the exchange rate of the euro (EUR) on 3 January 2007 (ISK 92.37); c. National and regional governments, central banks and international organisations, such as the International Monetary Fund, the European Central Bank, the European Investment Bank and other similar international organisations; d. Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions; e. Parties approved as professional clients on the basis of Article 24.

Professional Client. A client possessing the experience, knowledge and expertise to make his own investment decisions and properly assess the risks that they incur. The following parties shall be regarded as professional clients: a. Legal legal persons in Iceland or abroad licensed to operate or engaged in regulated activities in financial markets, including financial undertakings and businesses connected with the financial sector, insurance companies, collective investment undertakings and their management companies, pension funds and their management companies, as applicable, commodity and commodity derivatives dealers, locals and other institutional investors; b. Large large undertakings meeting at least two of the following requirements: i. Balance balance sheet total is ISK 1,847 million or higher; ii. Net net turnover is ISK 3,695 million or higher; iii. Equity equity is ISK 185 million or higher. Amounts under this item are base amounts tied to the exchange rate of the euro (EUR) on 3 January 2007 (ISK 92.37); c. National national and regional governments, central banks and international organisations, such as the International Monetary Fund, the European Central Bank, the European Investment Bank and other similar international organisations; d. Other other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions; e. Parties parties approved as professional clients on the basis of Article 24.