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  • BC-A.2 BC-A.2 Module History

    • Evolution of the Module

      • BC-A.2.1

        This Module was first issued in April 2006 by the BMA, as part of the first phase of Volume 4 (Investment Business) to be released. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        Amended: January 2007

      • BC-A.2.2

        When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 4 was updated in July 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

        Adopted: January 2007

      • BC-A.2.3

        A list of recent changes made to this Module is provided below:

        Module Ref. Change Date Description of Changes
        BC-A.1 07/2007 New Rule BC-A.1.5 introduced, categorising this Module as a Directive.
        BC-2.8.14 and 2.12.2(k) 04/2008 Clarified the record retention period to be in line with Article 60 of the CBB Law.
        BC-A.1.3 07/2008 Corrected reference to read investment firm licensee.
        BC-2.2 07/2008 Added reference and definition of accredited investor and expert investor to client classification.
        BC-2.2 10/2009 Updated client classification and definitions.
        BC-2.7 10/2009 Corrected to read accredited investors.
        BC-2.8.6 07/2010 Paragraph amended.
        BC-2.9.1 and BC-2.9.2 07/2010 Updated to include requirements regarding complaints.
        BC-2.11.1 07/2010 Updated to be in line with Article 117 of the CBB Law.
        BC-A.1.6 01/2011 Clarified legal basis.
        BC-2.3.15 01/2001 Cross reference added to Section GR-2.2
        BC-B.1.3 10/2011 Updated scope of application to reflect new Chapter BC-3.
        BC-2.9 and BC-3 10/2011 Updated consumer complaints Section in line with results of consultation.
        BC-3.2 and BC-3.3 01/2012 Minor corrections to correct typos and clarify language.
        BC-3.3.9 01/2012 Deleted Paragraph as it repeats what is in Paragraph BC-3.3.7.
        BC-3.1.3A 07/2012 Added guidance on the appointment of the customer complaints officer.
        BC-2.7.14 and BC-2.7.16 07/2013 Clarified Rules on allocations.
        BC-3.7 07/2013 Additional details provided on reporting of complaints.
        BC-1.1.4 10/2013 Clarified language.
        BC-2.3.15 and BC-2.3.17 10/2013 Clarified the application of these two Paragraphs to the employees of the investment firm licensee.
        BC-2.10.2, BC-2.10.9 and BC-2.10.10 07/2015 Removed reference to corporate finance to be in line with Paragraph AU-1.4.43.
        BC-2.4.11 10/2017 Additional requirement on signed client agreement.
        BC-2.13 01/2019 Added a new Section on Brokerage Fees.
        BC-3.3.15 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-3.5.6 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-3.7.1 -  BC-3.7.3 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-C 10/2020 Added a new Chapter on Provision of Financial Services on a Non-discriminatory Basis.

    • Superseded Requirements

      • BC-A.2.4

        This Module supersedes the following provisions contained in circulars or other regulatory requirements:

        Document Ref. Date of Issue Module Ref. Document Subject
        OG/274/95 28 Aug 1995   Provision of investment and other financial services
        BC/15/98 6 Sept 1998   Code of Conduct for Investment advisory companies
        BC/83/96 19 May 1996   Minimum requirements for Terms and Conditions standard form
        BC/73/96 1 May 1996   Promotional Schemes

      • BC-A.2.5

        Further guidance on the implementation and transition to Volume 4 (Investment Business) is given in Module ES (Executive Summary).