Member States shall require investment firms, when assessing
whether an investment service as referred to in Article 19(5) of
Directive 2004/39/EC is appropriate for a client, to determine
whether that client has the necessary experience and knowledge
in order to understand the risks involved in relation to the
product or investment service offered or demanded.
For those purposes, an investment firm shall be entitled to
assume that a professional client has the necessary experience
and knowledge in order to understand the risks involved in
relation to those particular investment services or transactions,
or types of transaction or product, for which the client is
classified as a professional client.