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2.3

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

Category Permissible Activities
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.