Past version: effective from 01/07/2008 - 02/04/2016
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Authorised Firm, when carrying on Insurance Business, Insurance Intermediation or Insurance Management as provided under COB chapter 7, may treat a Person it had treated as a Commercial Customer under the Previous Regime as a Professional Client without having to undertake the determination referred to in COB Rule 2.3.1(1) to the extent that it carries on the same Financial Service as it had carried on with or for that Person under the Previous Regime.
(2) For the purposes of (1), a “Commercial Customer” means in relation to an
Insurer, Insurance Manager or Insurance Intermediary, a customer who was an Undertaking or natural person carrying on a trade or business, with or without a view for profit.
[Added] DFSA RM58/2008 (Made 1st July 2008). [VER19/07-08]