eligible counterparty

(1) (for the purposes other than those set out in (2), including in relation to the definition of non-retail financial instrument ) (in accordance with COBS 3.6.1 R) a client that is either a per se eligible counterparty or an elective eligible counterparty.

(2) (for the purposes of PRIN, in relation to activities other than designated investment business, insurance risk transformation and activities directly arising from insurance risk transformation ) a client categorised as an eligible counterparty in accordance with PRIN 1 Annex 1.