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  1. Point in time
    2007-09-05

ICOB 3.2 Application: who?

ICOB 3.2.1R

This chapter applies to every firm which communicates or approves a non-investment financial promotion.

Appointed representatives

ICOB 3.2.2G

Under section 39(3) of the Act, a firm is responsible for financial promotionscommunicated by its appointed representatives when acting as such (see ICOB 1.6 (Appointed representatives)).

Nationals of other EEA States

ICOB 3.2.3G

A national of an EEA State (other than the United Kingdom) wishing to take advantage of the exemption in article 36 of the Financial Promotion Order in relation to any controlled activity lawfully carried on by him in that State, should act in conformity with the rules in this chapter.

Authorised professional firms

ICOB 3.2.4R
  1. (1)

    ICOB 3 does not apply to an authorised professional firm in relation to the communication of a non-investment financial promotion if the following conditions are satisfied:

    1. (a)

      the firm's main business is the practice of its profession (see IPRU(INV) 2.1.2R(3));

    2. (b)

      the non-investment financial promotion is made for the purposes of and incidental to the promotion or provision by the firm of:

      1. (i)

        its professional services; or

      2. (ii)

        its non-mainstream regulated activities (see PROF 5.2); and

    3. (c)

      the non-investment financial promotion is not communicated on behalf of another person who would not be able lawfully to communicate the non-investment financial promotion if he were acting in the course of business.

  2. (2)

    In (1)(b)(i), "professional services" means services:

    1. (a)

      which do not constitute a regulated activity; and

    2. (b)

      the provision of which is supervised and regulated by a designated professional body.

ICOB 3.2.5G

Authorised professional firms are reminded that, in circumstances in which ICOB 3 does not apply to the firm,ICOB 2.2.3 R(Clear, fair and not misleading communication) may apply.