The Regulator will apply a risk-based assessment according to the categories of dealers ("Dealers") as set out in Table 1 below. The applicant should ensure that the category it chooses accommodates its needs over a reasonable timeframe.
Table 1 — Categories of Dealers
|Retail Dealer||Dealing in investments with or for all types of Clients, including Retail Clients.|
|Institutional Dealer||Dealing in investments only with or for Professional Clients in the ordinary course of business.|
|Restricted Dealer||Dealing in investments only with or for Professional Clients and:
• does not carry any customers' positions or accounts on its own books2; and
• does not receive, hold or control Client Assets.
2 This includes any intra-day positions pending settlement or undertaking of settlement risks.