Section 3: Rules of good conduct.

The following are deemed to be professional clients within the meaning of article L. 533-16, for all investment services and all financial instruments: 1. a) The credit institutions referred to in article L. 511-9 ; b) The investment firms referred to in Article L. 531-4; c) Other authorised or regulated financial institutions; d) Insurance and reinsurance undertakings referred to respectively in the first paragraph of article L. 310-1 and article…

Investment service providers other than portfolio management companies may, on their own initiative or at the request of a client, treat as a non-professional client, either generally or in respect of financial instruments, investment services or transactions, a client considered to be a professional client pursuant to the provisions of article D. 533-11. If the service provider agrees to this request, an agreement drawn up on a durable medium shall…

The retail client may waive part of the protection afforded by the rules of conduct. In this case, the investment services provider other than an asset management company may treat the retail client as a professional client, provided that it complies with the criteria and procedure set out in Article D. 533-12-1. However, non-professional clients must not be presumed to have knowledge and experience of the market comparable to that…

Clients referred to in Article D. 533-12 may waive the protection afforded by the rules of conduct only in accordance with the following procedure: 1° The client shall notify the investment service provider other than an asset management company in writing of its wish to be treated as a professional client, either at any time, or for a given investment service or transaction, or for a type of transaction or…