Defined term	qualified investors
Source	MiFID II
Reference	Annex II, Section I, points (1) to (4)
Status	Published
Refresh rule	Regenerate after source legal-text changes

MiCA uses ‘qualified investors’ for persons or entities listed in Section I, points (1) to (4), of Annex II to Directive 2014/65/EU. These are professional clients by default, including authorised or regulated financial entities, large undertakings meeting the Annex II size thresholds, national and regional governments and public bodies managing public debt, central banks, international and supranational institutions, and other institutional investors whose main activity is to invest in financial instruments.

MiFID II, Annex II, Section I, points (1) to (4).

MiFID II Annex II, Section I - Professional clients by default

1. Entities which are required to be authorised or regulated to operate in the financial markets, including credit institutions, investment firms, other authorised or regulated financial institutions, insurance companies, collective investment schemes and their management companies, pension funds and their management companies, commodity and commodity derivatives dealers, locals, and other institutional investors;
2. Large undertakings meeting two of the Annex II size requirements: balance sheet total of EUR 20,000,000, net turnover of EUR 40,000,000, or own funds of EUR 2,000,000;
3. National and regional governments, public bodies that manage public debt, central banks, international and supranational institutions, and other similar international organisations;
4. Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.

Source: MiFID II.

• Article 4
• Article 16