What criteria must a large undertaking satisfy to be classified as a per se professional client?

A large undertaking can be classified as a per se professional client if it meets specific criteria outlined in the relevant regulatory frameworks. The correct measure in this context is a balance sheet total of 20 million EUR. This specific criterion is significant because it establishes a threshold that indicates a level of financial sophistication and capacity to engage in complex financial transactions, which is a hallmark of professional clients.

Per se professional clients are presumed to have sufficient experience, knowledge, and expertise to make informed decisions regarding investments and risks, and they require less protection compared to retail clients. The balance sheet figure serves as an indicator of the entity's size and capability. Thus, a threshold of 20 million EUR is critical for ensuring that the entity has the financial robustness necessary to manage and bear the risks involved in investment activities.

In contrast, the other figures presented are either below or above the established benchmark for classification and do not reflect the regulatory standard necessary to be classified as a per se professional client.