Agent as client - FCA Provision: Difference between revisions
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{{fullanat|cobs|2.4.3| }} | {{fullanat|cobs|2.4.3| }} | ||
In which the FCA inveigles on the much talked-about, seldom asked<ref> | In which the FCA inveigles on the much talked-about, seldom asked<ref>And, in the halls of the [[European Securities and Markets Association]] seemingly, ''never'' asked.</ref>, question “who is this {{fcaprov|client}} fellow, anyway?” | ||
An interesting point to note, especially post [[Brexit]]<ref>Assuming such an uplands-sunlit time ever comes to pass.</ref> is that this kind forensic precision goes wholly unaddressed among the mountains of directives, regulations, implementing directives, level two texts and ESMA Q&As that comprise {{t|MiFID}}. ''Nowhere'' does MiFID say ''who'' the client is: this rule is made up out of whole cloth by the Brits. | An interesting point to note, especially post [[Brexit]]<ref>Assuming such an uplands-sunlit time ever comes to pass.</ref> is that this kind forensic precision goes wholly unaddressed among the mountains of directives, regulations, implementing directives, level two texts and ESMA Q&As that comprise {{t|MiFID}}. ''Nowhere'' does MiFID say ''who'' the client is: this rule is made up out of whole cloth by the Brits. |
Revision as of 09:48, 5 December 2018
The JC’s Reg and Leg resource™
UK Edition COBS Rules (1) If a firm (F) is aware that a person (C1) with or for whom it is providing services is acting as agent for another person (C2) in relation to those services, C1, and not C2, is the client of F in respect of that business.
If this is the case, C2 is the client of F in respect of that business and C1 is not.
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In which the FCA inveigles on the much talked-about, seldom asked[1], question “who is this client fellow, anyway?”
An interesting point to note, especially post Brexit[2] is that this kind forensic precision goes wholly unaddressed among the mountains of directives, regulations, implementing directives, level two texts and ESMA Q&As that comprise MiFID. Nowhere does MiFID say who the client is: this rule is made up out of whole cloth by the Brits.
You may further wonder about the FCA’s definition of client, and if so, by all means make all haste there — but expect to conclude “I’m sorry I asked”.
See also
References
- ↑ And, in the halls of the European Securities and Markets Association seemingly, never asked.
- ↑ Assuming such an uplands-sunlit time ever comes to pass.