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CONC 1.2 Who? What? Where?

CONC 1.2.1RRP

CONC applies

  1. (1)

    unless otherwise stated in, or in relation to, a rule, to a firm:

    1. (a)

      except where (b) applies, with respect to carrying on credit-related regulated activities;

    2. (b)

      with respect to operating an electronic system in relation to lending in relation to a borrower or prospective borrower under a P2P agreement; and

  2. (2)

    with respect to activities connected to the activities in (a) and (b).

CONC 1.2.2RRP

A firm must:

  1. (1)

    ensure that its employees and agents comply with CONC; and

  2. (2)

    take reasonable steps to ensure that other persons acting on its behalf comply with CONC.

Guidance on appointed representatives

CONC 1.2.3GRP
  1. (1)

    Although CONC does not apply directly to a firm's appointed representatives, a firm will always be responsible for the acts and omissions of its appointed representatives in carrying on business for which the firm has accepted responsibility (section 39(3) of the Act). In determining whether a firm has complied with any provision of CONC, anything done or omitted by a firm's appointed representative (when acting as such) will be treated as having been done or omitted by the firm (section 39(4) of the Act).

  2. (2)

    Firms should refer to SUP 12 (Appointed representatives), which sets out requirements which apply to firms using appointed representatives.

Where?

CONC 1.2.5RRP

CONC, except in relation to CONC 3, applies with respect to activities carried on by a firm:

  1. (1)

    with a customer whose habitual residence is in the UK from an establishment maintained by the firm (or its appointed representative) in the UK; or

  2. (2)

    with a customer whose habitual residence is in the UK from an establishment of the firm (or its appointed representative) outside the UK.

EEA territorial scope rule: compatibility with European law

CONC 1.2.6RRP
  1. (1)

    CONC does not apply to an incoming ECA provider where, in providing a service, the provider is acting as such.

  2. (2)

    CONC applies to an outgoing ECA provider where, in providing a service, the provider is acting as such.

  3. (3)

    The territorial scope of CONC is otherwise modified to the extent necessary to be compatible with European law.

  4. (4)

    This rule overrides every other rule in this sourcebook.

Note: article 3(3) of, and the Annex to, the E-Commerce Directive