For a client to be considered a per se professional client, which of the following must be true regarding their balance sheet?

To classify a client as a per se professional client, they must meet certain thresholds that demonstrate a significant level of financial sophistication and capacity. Specifically, one of these criteria is having a balance sheet of at least 20 million EUR. This requirement is designed to ensure that only clients with substantial assets and financial experience receive the regulatory recognition and privileges associated with being classified as a professional client.

This classification allows such clients to receive less regulatory protection compared to retail clients, as they are presumed to have greater knowledge and experience to manage their investments effectively. Meeting the specified balance sheet threshold helps regulators identify clients who are likely to be capable of making informed investment decisions, thus justifying their classification as per se professional clients.