Versions

 

COB 2.3.1

(1) An Authorised Firm must, before carrying on a Financial Service with or for a Person, classify that Person as a:
(a) Retail Client;
(b) Professional Client; or
(c) Market Counterparty,
in accordance with the requirements in this chapter.
(2) An Authorised Firm may classify a Person as a different type of a Client for different Financial Services or financial products that are to be provided to such a Client.
(3) If an Authorised Firm is aware that a Person ('the agent'), with or for whom it is intending to carry on a Financial Service is acting as an agent for another Person ('the principal') in relation to the service then, unless the agent is another Authorised Firm or a Regulated Financial Institution, the Authorised Firm must treat the principal as its Client in relation to that service.
(4) If an Authorised Firm intends to provide any Financial Service to a trust, it must, unless otherwise provided in the Rules, treat the trustee of the trust, and not the beneficiaries of the trust, as its Client.
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]