Bank clients who meet the professional criteria set out in MiFID, including credit institutions, investment firms, pension funds and their management companies, and other institutional investors. Certain private clients may also qualify for professional status if they meet specific quantitative and qualitative criteria. Professional clients are considered to possess the experience, knowledge and expertise to make their own investment decisions and properly assess the risks they incur. They obtain an intermediate level of protection under MiFID and gain the benefit of conduct of business provisions relating to best execution and order handling.