Financial InstrumentsL FVOCI

Hello, Please, can you clarify classification? Let's say an entity purchases shares and intends to hold for the long term. An equity instrument will be classified as FVOCI if it meets two conditions 1 - Equity instrument is to be held in the long term, not held for trading 2 - Entity must opt-in to designate it as FVOCI from the purchase date So does that mean if the entity did not opt-in to classify it as FVOCI it will automatically be classified as the default FVTPL, even though it is going to be held for the long term and not being held for trading? Thank you Naz