MCOB 3.5 General

Topics covered in this chapter

MCOB 3.5.1G31/10/2004

MCOB 3 includes some provisions which are applicable to all types of qualifying credit promotion and others which apply only to specific types. MCOB 3.5.2 G has been provided to help locate the areas of particular relevance to types of qualifying credit promotion.

MCOB 3.5.2G31/10/2004

This table belongs to MCOB 3.5.1 G

Areas of particular relevance to types of qualifying credit promotion
(1)	Provisions applying to all qualifying credit promotions	Application - who?	MCOB 3.1
		Application - what?	MCOB 3.2
		Application - where?	MCOB 3.3
		Purpose	MCOB 3.4
		General	MCOB 3.5
(2)	Provisions applying only to non-real time qualifying credit promotions	Form and content of non-real time qualifying credit promotions	MCOB 3.6
		Confirmation of compliance	MCOB 3.9
		Records	MCOB 3.10
(3)	Provisions applying only to real time qualifying credit promotions	Unsolicited real time qualifying credit promotions	MCOB 3.7
(3)		Form and content of real time qualifying credit promotions	MCOB 3.8
(4)	Provisions applying only to certain types of qualifying credit promotions	Communication and approval of qualifying credit promotions for an overseas or unauthorised person	MCOB 3.11
(4)		The Internet and other electronic media	MCOB 3.12

Other regulations and guidelines

MCOB 3.5.3G31/10/2004

A firm communicating a qualifying credit promotion may also be subject to other regulations and guidelines, outside the remit of the FSA, such as:

(1)
the codes issued from time to time by the Advertising Standards Authority, the Independent Television Commission and the Radio Authority;
(2)
regulations of any overseas regulator (where relevant) if the firm intends to market from the United Kingdom into any other country;
(3)
the Privacy and Electronic Communications (EC Directive) Regulations 2003
(4)
the Timeshare Act 1992, as amended by the Timeshare Regulations 1997 (SI 1997/1081); and
(5)
the Consumer Protection Act 1987, or Consumer Protection (Northern Ireland) Order 1987 (SI 1987/2049 (N.I 20)).

'Real time' and 'non-real time' qualifying credit promotions

MCOB 3.5.4G31/10/2004

This chapter draws a distinction between real time and non-real time qualifying credit promotions. Guidance on the meaning of those expressions, which are based upon article 7 of the Financial Promotion Order, is contained in AUTH App 1.10.2 G (Real time v. non-real time promotions).

MCOB 3.5.5R31/10/2004

(1)
A'real time qualifying credit promotion' is a qualifying credit promotion which is communicated in the course of a personal visit, telephone conversation or other interactive dialogue.
(2)
A'non-real time qualifying credit promotion' is a qualifying credit promotion that is not a real time qualifying credit promotion. It includes a qualifying credit promotion made by letter, e-mail or contained in a newspaper, journal, magazine, other periodical publication, website, television or radio programme, or teletext service.
(3)
The following are to be regarded as indications that a qualifying credit promotion is a non-real time qualifying credit promotion:
1. (a)
  the qualifying credit promotion is communicated to more than one person in identical terms (save for details of the recipient's identity);
2. (b)
  the qualifying credit promotion is communicated by way of a system which in the normal course constitutes or creates a record of the communication which is available to the recipient to refer to at a later time; and
3. (c)
  the qualifying credit promotion is communicated by way of a system which in the normal course does not enable or require the recipient to respond immediately to it.

Meaning of 'made', 'directed at' and 'recipient' in MCOB 3

MCOB 3.5.6R31/10/2004

(In accordance with article 6 of the Financial Promotion Order (Interpretation: communications)) any reference in this chapter to:

(1)
a communication being made to another person is a reference to a communication being addressed, whether verbally or in legible form, to a particular person or persons (for example, where it is contained in a telephone call or letter);
(2)
a communication being directed at persons is a reference to a communication being addressed to persons generally (for example where it is contained in a television broadcast or website); and
(3)
a 'recipient' of a communication is the person to whom the communication is made or, in the case of a non-real time qualifying credit promotion which is directed at persons generally, any person who reads or hears the communication.

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