PAYWARD EUROPE DIGITAL SOLUTIONS (CY) LIMITED

PAYWARD EUROPE DIGITAL SOLUTIONS (CY) LIMITED


Payward Europe Digital Solutions (CY) Limited (formerly I.F. Greenfields Wealth Ltd) is authorised and regulated by the Cyprus Securities and Exchange Commission with licence number 342/17.


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Warnings - Loss of Protections as an Elective Professional Client

Elective Professional Clients are entitled to fewer protections under the EU regulatory regimes than is otherwise the case for Retail Clients. This Schedule contains, for information purposes only, a summary of the protections lost when requesting and agreeing to be treated as an Elective Professional Client.

  1. Communicating with clients, including financial promotions

As an Elective Professional Client the simplicity and frequency in which we communicate with you may be different to the way in which a firm would communicate with a Retail Client. We will ensure however that our communication remains fair, clear and not misleading.

  1. Information about the firm, its services, and remuneration

The type of information that firms are required to provide to Retail Clients about them, their services and their products and how they are remunerated differs to what is provided to Elective Professional Clients. In particular,

  1. We are obliged to provide information on these areas to all clients but the granularity, medium and timing of such provision may be less specific for clients that are not Retail Clients;
  2. The information which firms provide in relation to costs and charges for their services and/or products may not be as comprehensive for Elective Professional Clients as it would be for Retail Clients; and
  3. When handling orders on behalf of Retail Clients, firms have an obligation to inform them about any material difficulties in carrying out the orders; this obligation may not apply in respect of Elective Professional Clients.
  1. Appropriateness

For transactions where firms do not provide investment advice or portfolio management services (such as an execution-only trade), they may be required to assess whether the transaction is appropriate for the client in question. In respect of a Retail Client, there is a specified test for ascertaining whether the client has the requisite investment knowledge and experience to understand the risks associated with the relevant transaction. However, in respect of an Elective Professional Client, we are entitled to assume that they have the necessary level of experience, knowledge and expertise to understand the risks involved in a transaction in products and services for which they are classified as an Elective Professional Client.

  1. Dealing

A range of factors may be considered for Elective Professional Clients in order to achieve best execution (price is an important factor but the relative importance of other different factors, such as speed, costs and fees may vary). In contrast, when undertaking transactions for Retail Clients, the total consideration, representing the price of the financial instrument and the costs relating to execution, must be the overriding factor in determining best execution.

  1. Reporting information to clients

For transactions where a firm does not provide portfolio management services (such as an execution-only transaction), the timeframe for providing confirmation that an order has been carried out is more rigorous for Retail Clients’ orders than Elective Professional Clients’ orders.

  1. Client reporting

Firms that manage a retail portfolio that includes positions in leveraged financial instruments or contingent liability transactions shall inform the Retail Client, where the initial value of each instrument depreciates by 10% and thereafter at multiples of 10%. These reports do not have to be produced for Elective Professional Clients.

  1. Exclusion of liability

A firm’s ability to exclude or restrict any duty of liability owed to clients is narrower under the MiFID II rules in the case of Retail Clients than in respect of Elective Professional Clients.

  1. Trading obligation

In respect of financial instruments admitted to trading on a regulated market or traded on a trading venue, a firm may, in relation to the investments of Retail Clients, only arrange for such trades to be carried out on a regulated market, a multilateral trading facility, a systematic internaliser or a third-country trading venue. This is a restriction which may not apply in respect of trading carried out for Elective Professional Clients.

  1. Transfer of financial collateral arrangements

As an Elective Professional Client, we may conclude title transfer financial collateral arrangements with you for the purpose of securing or covering your present or future, actual or contingent or prospective obligations, which would not be possible for Retail Clients.

  1. Client money

The requirements under the client money rules in the MiFID II are more prescriptive and provide more protection in respect of Retail Clients than in respect of Elective Professional Clients.

11.        Investor Compensation Fund

PEDSL-CY is a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms (CIFs) (the “Fund”). The Fund aims to secure any claims of covered clients against members of the Fund and to compensate covered clients for any claims arising from malfunction by a member of the Fund in fulfilling its obligations. The Fund covers eligible investments up to 20,000 Euro per person. The fund protections do not apply to Professional Clients.

12.        Product restrictions

Elective Professional Clients have access to products with a higher level of complexity and/or risk, compared to Retail Clients and therefore will not benefit from the product restrictions which apply to Retail Clients. Elective Professional Clients should therefore be aware of the risks associated with investing in highly complex and/or high risk investments.  

Last updated: March 2025