The below procedure is followed when a Non-Professional client wishes to be treated as elective professional:
- The client states in writing to iFOREX Europe that he/she wishes to be treated as an elective professional client, either generally or in respect of a particular investment service or transaction, or type of transaction or product.
- iFOREX Europe must give him/her a clear written warning of the protections and investor compensation rights they he/she may lose.
- The client must state in writing, in a separate document from the contract, that he/she is aware of the consequences of losing such protections.
Before deciding to accept any request for waiver, iFOREX Europe must take all reasonable steps to ensure that the client requesting to be treated as a professional client meets the relevant requirements stated previously (refer to the question "What are the criteria for a Non-Professional client to be treated as an elective professional client?").
iFOREX Europe maintains appropriate written internal policies and procedures to categorize clients. Professional clients are responsible for keeping iFOREX Europe informed about any change which could affect their current categorization. However, should iFOREX Europe become aware that the client no longer fulfils the initial conditions which made him eligible for a professional treatment, iFOREX Europe must take appropriate action.