1 High-net-worth retail clients and private investment structures created for them may declare that they wish to be treated as professional clients (opting out).
2 Any person who can credibly declare that they satisfy the criteria under a and b below will be deemed high-net-worth within the meaning of paragraph 1:
3 Professional clients within the meaning of Article 4 paragraph 3 letters f and g may declare that they wish to be treated as institutional clients.
4 Swiss and foreign collective investment schemes and their management companies which are not already deemed to be institutional clients within the meaning of Article 4 paragraph 3 letter a or c in conjunction with Article 4 paragraph 4 may declare that they wish to be treated as institutional clients.
5 Professional clients who are not institutional clients within the meaning of Article 4 paragraph 4 may declare that they wish to be treated as retail clients (opting in).
6 Institutional clients may declare that they wish to be treated only as professional clients.
7 Before providing any financial services, financial service providers shall inform those of their clients who are not classified as retail clients of the possibility of opting in.
8 The declarations in paragraphs 1 to 6 must be made in writing or in another form demonstrable via text.