In accordance with the requirements of the MiFID and the Law on Financial Instrument Market of the Republic of Latvia, SEB Bank grants one of the three possible statuses to its Clients:
- Private Client,
- Professional Client, or
- Eligible Counterparty.
Client status is granted on the basis of the Client's previous experience and knowledge about financial instruments, as well as description of the Client's operation.
SEB Bank informs all Clients who make transactions with financial instruments about the status granted to them.
Clients can change their category or status
Private Clients can change their category by increasing the same to a Professional Client or an Eligible Counterparty; Professional Clients can change their category to a Private Client or Eligible Counterparty, and Eligible Counterparty can change their category a Professional or Private Client.
In case, if the status of a Professional Client is granted to a Client, he is permitted to request services of a Private Client, and SEB Bank can agree to ensuring higher level protection of interests to the Client.
Higher level protection of interests will be ensured to Client in case, if a Professional Client or an Eligible Counterparty has concluded a written agreement with SEB Bank providing that SEB Bank will not treat the Client as a Professional Client or an Eligible Counterparty but as a Private Client, in order the application of corresponding terms and conditions would be possible.
Change of a Client's category may be initiated by SEB Bank or by a Client. In case, if the Client does not correspond with the category of a Professional Client or an Eligible Counterparty anymore, SEB Bank will need to lower the category of the Client.
