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---
title: "ESMA Q&A 2172 — Q&A — Two classifications for one client [Answer Published]"
shortTitle: "ESMA Q&A 2172 — Q&A — Two classifications for one client [Answer Published]"
answer_id: ESMA_QA_2172
topic: "Client categorisation"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFID II"
mifid_level3: true
mica_level2: false
legal_basis: "MiFID II"
date: 7 May 2024
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2172
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 7 May 2024"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2172"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_2172: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2024-07-11"
  question_submitted_on: "2024-05-07"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_2172, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2172, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 11 Jul 2024 [Answer Published]**

*Answer Published · ESMA Q&A register, 7 May 2024 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2172)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2172 — Q&A — Two classifications for one client \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2172 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 11 July 2024; question submitted 7 May 2024 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Two classifications for one client**

### Question

Assuming that the investor disclosure requirements are predefined in legal documents and agreements, is it possible to select two client categories for a professional client (such as per se eligible counterparty and professional client)?

***

### Answer

Yes. More generally, it is possible to have clients categorised in two different client categories, depending on the investment service or activity provided or even the financial instrument. Nevertheless, if the client is classified into different categories, they must be clearly informed, for each relevant category, which financial instruments, investment services, and activities fall under it.

As an example, under Annex II of MiFID II, a retail client may waive the benefit of certain MiFID II rules of conduct by stating in writing to the investment firm that they wish to be treated as a professional client, “either generally or in respect of a particular investment service or transaction, or type of transaction or product”. As such, one client may be treated as retail for one investment service and/or type of financial instrument but as a professional client for a different combination of service and product.

Similarly, a client qualifying as a per se eligible counterparty for the services of execution of orders, reception and transmission of orders and dealing on own account would be treated as a professional client for other types of investment services or activities for which the eligible counterparty category is not applicable.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2172)