Private banks caught in the crossfire from retail regulations

Status anxiety

simon-gleeson
Simon Gleeson, Clifford Chance

On the face of it, any individual investor is classified as retail unless they have been upgraded to a professional client by the regulatory authorities. But as private banks are discovering, wealth alone does not qualify an investor as a professional client.

"Most private banks are well aware that the mere fact an investor has a large sum of money does not make him a professional investor," says Simon Gleeson, partner at law firm Clifford Chance in London. "Monetary thresholds work at the insti

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