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| {{fullanat|fca|durable medium|}} | | {{fullanat|fca|durable medium|}} |
| | for this definition in its native habitat (ie a more reliable source than the above) see: [http://fshandbook.info/FS/glossary-html/handbook/Glossary/D?definition=G1286 FCA Website Definition] |
| | A source of great consternation amongst the greast wise counsel of cash equities lawyers in the run up to - yea, and subsequent to - {{t|Mifid 2}}. |
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| {{box|(a) paper; or <br> | | It's an expression that is littered over European legislation and in a nutshell means |
| (b) any instrument which enables the recipient to store information addressed personally to him in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored. In particular, durable medium covers floppy disks, CD-ROMs, DVDs and hard drives of personal computers on which electronic mail is stored, but it excludes Internet sites, unless such sites meet the criteria specified in the first sentence of this paragraph.<br>
| | {{nuts|durable medium|FCA rulebook}} |
| (in relation to [[MiFID]] or equivalent third country business or collective portfolio management,if the relevant rule implements the [[MiFID]] implementing Directive, the [[UCITS]] Directive, the UCITS implementing Directive or the UCITS implementing Directive No 2) the instrument used must be:<br>
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| :(i) appropriate to the context in which the business is to be carried on; and83
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| :(ii) specifically 58, chosen by the recipient 58, when offered the choice between that instrument and paper.
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| For the purposes of this definition, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the firm and the client is, or is to be, carried on if there is evidence that the client has regular access to the internet. The provision by the client of an e-mail address for the purposes of the carrying on of that business is sufficient.
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| [Note: article 2(f) and Recital 20 of the Distance Marketing Directive, article 2(12) of the Insurance Mediation Directive, articles 2(2), 3(1) and 3(3) 58of the MiFID implementing Directive , articles 75(2) and 81(1) of the UCITS Directive, article 20(3) of the UCITS implementing Directive and article 7 of the UCITS implementing Directive No 2]}}
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| See: [http://fshandbook.info/FS/glossary-html/handbook/Glossary/D?definition=G1286 FCA Website Definition]
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| This looks to me to mean that an email will be sufficient, but simple web access will not. | | This looks to me to mean that an email will be sufficient, but simple web access will not. |
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Durable medium:
- (a) paper; or
- (b) any instrument which enables the recipient to store information addressed personally to him or her in a way accessible for future reference and for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored. In particular, durable medium covers floppy disks, CD-ROMs, DVDs and hard drives of personal computers on which electronic mail is stored, but it excludes internet sites, unless such sites meet the criteria specified in the first sentence of this paragraph. (In relation to the equivalent business of a third country investment firm, MiFID optional exemption business or collective portfolio management, if the relevant rule derives from the MiFID Org Regulation or implements the UCITS Directive, the UCITS implementing Directive or the UCITS implementing Directive No 2) the instrument used must be:
- (i) appropriate to the context in which the business is to be carried on; and
- (ii) specifically chosen by the recipient when offered the choice between that instrument and paper.
- For the purposes of this definition, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the firm and the client is, or is to be, carried on if there is evidence that the client has regular access to the internet. The provision by the client of an e-mail address for the purposes of the carrying on of that business is sufficient.
— Section durable medium
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for this definition in its native habitat (ie a more reliable source than the above) see: FCA Website Definition
A source of great consternation amongst the greast wise counsel of cash equities lawyers in the run up to - yea, and subsequent to - Mifid 2.
It's an expression that is littered over European legislation and in a nutshell means
FCA rulebook in a Nutshell™ (durable medium edition)
Durable medium means either (a) paper; or (b) any other communication addressed personally to the client that the client can save and keep unchanged as long as it is relevant, including disks, emails and files saved to hard drives but excluding internet pages unless they are personally addressed to the client.
Usually the form of communication must be appropriate to the relevant business and if the client is offered the choice between paper and the other communication, it must be the one the client choses.
Electronic communications count as context-appropriate if you have regular internet access.
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This looks to me to mean that an email will be sufficient, but simple web access will not.