Template:Nutshell COBS 2.3.1: Difference between revisions

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{{fcaprov|2.3.1}} A {{fcaprov|firm}} must not give or receive any money or benefit ('''benefit''') relating to {{fcaprov|client}} business  other than:
{{fcaprov|2.3.1}} A {{fcaprov|firm}} must not give or receive any money or benefit ('''benefit''') relating to {{fcaprov|client}} business  other than one that:
:(1) '''Client Benefits''': one provided to or by the client; or
:(1) '''Client Benefits''': the client pays or receives directly; or
:(2) '''Third Party Benefits''': one provided to or by a third party if:
:(2) '''Third Party Benefits''': a third party pays or receives  if:
::(a) '''No impairment''': it does not impair the firm's duty to act in the client’s best interests; and
::(a) '''No impairment''': it does not impair the firm's duty to act in the {{fcaprov|client}}'s best interests; and
::(b) '''Full disclosure''': it is fully disclosed to the client before providing the service; and
::(b) '''Full disclosure''': it is fully disclosed to the client before providing the service; and
::(c) '''Service enhancement''': it is designed to enhance the quality of the service to the client; or  
::(c) '''Service enhancement''': it is designed to enhance the quality of the service to the client; or  
:(3) '''Ancillary Benefits''': one which facilitates designated investment business or ancillary services,and doesn't create a conflict with the {{fcaprov|client}}'s interests (eg custody, clearing or exchange fees, legal fees, regulatory levies etc)
:(3) '''Ancillary Benefits''': facilitates designated investment business or ancillary services and doesn't create a conflict with the {{fcaprov|client}}'s interests (eg custody, clearing or exchange fees, legal fees, regulatory levies etc)

Revision as of 11:37, 2 June 2016

2.3.1 A firm must not give or receive any money or benefit (benefit) relating to client business other than one that:

(1) Client Benefits: the client pays or receives directly; or
(2) Third Party Benefits: a third party pays or receives if:
(a) No impairment: it does not impair the firm's duty to act in the client's best interests; and
(b) Full disclosure: it is fully disclosed to the client before providing the service; and
(c) Service enhancement: it is designed to enhance the quality of the service to the client; or
(3) Ancillary Benefits: facilitates designated investment business or ancillary services and doesn't create a conflict with the client's interests (eg custody, clearing or exchange fees, legal fees, regulatory levies etc)
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