UPDATE MiDIF CATEGORY IF ELIGIBLE
MiFID regulations require Interactive Brokers 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.
Requirements
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 IBKR) exceeds EUR 500,000;
- You have worked in the financial sector for at least 1 year in a professional position.'
Please Note
- Trades in Spot FX, Unallocated OTC Metals and cryptocurrencies are not considered for the purpose of this calculation.
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 clicking the User menu (head and shoulders icon in the top right corner) followed by Settings. Under Account Settings find the Profile section, click 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 IBKR 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 the "Interactive Brokers (U.K.) Limited Professional Client Notifications" from the Forms and Disclosures page of the IBKR website.
If all of the above are satisfied, our compliance department will review the request.