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GEN 10.3.1

Past version: effective from 01/07/2008 - 02/04/2016
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An Authorised Firm, when carrying on Investment Business, Accepting Deposits, Providing Credit or Providing Trust Services under chapters 3 to 6 of COB:

(a) may treat a Person as a Professional Client without having to undertake the determination referred to in COB Rule 2.3.1(1) where the Authorised Firm:
(i) had determined that Person to be a Client under the Previous Regime, including where such determination had been made under a waiver or modification in force under the Previous Regime; and
(ii) carries on the same Financial Service it had carried on with or for that Person under the Previous Regime;
(b) may treat a Person as a Market Counterparty without having to comply with the requirements in COB Rule 2.3.4(1) if that Person was so treated by the firm under the Previous Regime;
(c) may, for a period of not more than 6 months after that Commencement Date, distribute marketing material that was produced in accordance with the requirements under the Previous Regime to a Person:
(i) to whom it could have distributed such material under the Previous Regime; or
(ii) who is a Professional Client pursuant to this Rule or pursuant to COB chapter 2; and
(d) may carry on a Financial Service with or for a Person without having to comply with COB Rule 3.3.2(1) where the Authorised Firm carries on the same Financial Service it carried on with or for that Person under the Previous Regime and there is a client agreement in force in respect of that service.
[Added] DFSA RM58/2008 (Made 1st July 2008). [VER19/07-08]