Entire Section

  • COB 2.1 COB 2.1 Application

    • COB 2.1.1

      (1) This chapter applies, subject to Rule 2.1.2, to an Authorised Firm, which carries on, or intends to carry on, any Financial Service with or for a Person.
      (2) For the purposes of this chapter, a Person includes a Fund, pension fund or trust, even if it does not have a separate legal personality.
      Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]

    • Exclusions

      • COB 2.1.2 COB 2.1.2

        (1) This chapter does not apply to a Credit Rating Agency in so far as it carries on, or intends to carry on, the Financial Service of Operating a Credit Rating Agency.
        (2) This chapter does not apply to an Authorised Firm in so far as it carries on the activity described in GEN Rule 2.26.1, provided that no other Financial Service is carried on.
        (3) This chapter does not apply to an Authorised ISPV.
        (4) Except as provided in (5), this chapter does not apply to an Authorised Firm that is Operating an Employee Money Purchase Scheme or Acting as the Administrator of an Employee Money Purchase Scheme.
        (5) An Authorised Firm referred to in (4) must treat the Members, Beneficiaries and Participating Employers of an Employee Money Purchase as Retail Clients.
        Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]
        [Added] DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]

        • COB 2.1.2 Guidance

          1. The activity described in GEN Rule 2.26.1 is marketing of financial services and financial products which are offered in a jurisdiction outside the DIFC. Such marketing activities can be conducted by an Authorised Firm, which holds a Representative Office Licence, provided the financial services or financial products marketed by it are those offered by its head office or a member of its Group.
          2. As a Representative Office conducting marketing activities of the kind described in GEN Rule 2.26.1 does not have a client relationship with a Person to whom it markets a financial service or financial product, the client classification requirements in this chapter do not apply to the firm with regard to that Person.
          3. Other Authorised Firms can also conduct marketing activities, of the kind described in GEN Rule 2.26.1, under the exclusion in GEN Rule 2.26.2.
          Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]