Retail investors are investors who are not considered professional clients within the meaning of Article 2, first paragraph, 28°, of the Law of 2 August 2002. Legal persons also fall within this category, unless they are considered by law to be professional investors.
The EUR 500,000 limit for purposes of the application of the opt-out is determined per individual retail investor, and not per relationship (e.g. company, community of rights or matrimonial property). The sum is calculated per institution and not on the basis of the client's total assets. The opt-out applies only to the portion of the assets that exceeds EUR 500,000.