A qualified investor is any of the following:
- regulated financial intermediaries such as banks, securities dealers, fund management companies as well as asset managers of collective investment schemes;
- regulated insurance companies;
- public entities and pension companies with professional treasury departments;
- companies with professional treasury departments;
- wealthy private individuals;
- investors who have entered into a written asset management agreement with a supervised financial intermediary according to point a).
A Professional Client is any of the following:
- a public entity with professional treasury;
- a pension scheme or another institution which serves the purpose of an occupational benefits scheme with professional treasury operations;
- a company with professional treasury operations;
- a large company, because it is a company which exceeds two of the following parameters: i) balance sheet total of CHF 20 million; ii) turnover of CHF 40 million; iii) equity of CHF 2 million;
- a private investment structure with professional treasury operations established for high-net-worth retail clients;
- a high net worth individual having requested in writing to be treated as a professional client (opt-out), on the basis that the relevant individual: i) holds assets of at least CHF 500,000 and has sufficient professional knowledge or experience to understand the risks related to an investment in the Fund; or ii) holds bankable assets of at least CHF 2,000,000;
- an investment structure created for a high net worth individual and has requested in writing to be treated as a professional client (opt-out);
- a retail client for whom discretionary asset management or investment advisory services are being provided by a regulated financial intermediary according to FINSA Article 4 paragraph 3 lit. a or a foreign asset manager subject to equivalent prudential supervision in accordance with a long-term written agreement and who has not declared that it does not want to be treated as a qualified investor.
An Institutional Client is any of the following:
- a financial intermediary pursuant to the Banking Act dated November 8, 1934, as amended, the Financial Institutions Act dated June 15, 2018 or the Collective Investment Schemes Act dated June 3, 2006, as amended;
- an insurance company as defined in the Insurance Supervision Act dated December 17, 2004, as amended;
- a foreign client subject to prudential supervision such as the persons listed under (i) and (ii) above;
- a central bank;
- a national or supranational public entity with professional treasury operations.