Common use of CLIENT CATEGORIZATION UNDER MIFID Clause in Contracts

CLIENT CATEGORIZATION UNDER MIFID. 28.1 The Directive of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments (hereinafter referred to as the “Markets in Financial Instruments Directive” or “MiFID”) establishes a client categorization/classification regime in three (3) categories intended to reflect both customers’ level of knowledge and experience in the financial markets and their ability to understand and take on the risks arising from their investment decisions, in order to adapt protective measures to the particularities of each category of investor. In compliance with such requirements imposed under XxXXX, we categorize/classify our clients in three (3) main categories:

CLIENT CATEGORIZATION UNDER MIFID. 28.1 The Directive of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments (hereinafter referred to as the “"Markets in Financial Instruments Directive” " or “"MiFID”") establishes a client categorization/classification regime in three (3) categories intended to reflect both customers’ ' level of knowledge and experience in the financial markets and as well as their ability to understand and take on the risks arising from their investment decisions, in order to adapt protective measures to the particularities of each category of investormanage risk. In compliance with such requirements imposed under XxXXX, we We categorize/classify our clients in three (3) main categories:into three

CLIENT CATEGORIZATION UNDER MIFID. 28.1 The Directive of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments (hereinafter referred to as the “"Markets in Financial Instruments Directive” " or “"MiFID”") establishes a client categorization/classification regime in three (3) categories intended to reflect both customers’ ' level of knowledge and experience in the financial markets and as well as their ability to understand and take on the risks arising from their investment decisions, in order to adapt protective measures to the particularities of each category of investormanage risk. In compliance with such requirements imposed under XxXXX, we We categorize/classify our clients in into three (3) main categorieskey categories in order to comply with XxXXX's requirements:

CLIENT CATEGORIZATION UNDER MIFID. 28.1 The Directive of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments (hereinafter referred to as the “"Markets in Financial Instruments Directive” " or “"MiFID”") establishes a client categorization/classification regime in three (3) 3 categories intended to reflect both customers’ ' level of knowledge and experience in the financial markets and as well as their ability to understand and take on the risks arising from their investment decisions, in order to adapt protective measures to the particularities of each category of investormanage risk. In compliance with such requirements imposed under XxXXX, we We categorize/classify our clients into 2 categories, in three (3) main categoriesorder to comply with XxXXX's requirements:

CLIENT CATEGORIZATION UNDER MIFID. 28.1 The Directive of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments (hereinafter referred to as the “Markets in Financial Instruments Directive” or “MiFID”) establishes a client categorization/classification regime in three (3) categories intended to reflect both customers’ level of knowledge and experience in the financial markets and their ability to understand and take on the risks arising from their investment decisions, in order to adapt protective measures to the particularities of each category of investor. In compliance with such requirements imposed under XxXXXMiFID, we categorize/classify our clients in three (3) main categories: