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  • BC-B BC-B Scope of Application

    • BC-B.1 BC-B.1 License Categories and Overseas Offices

      • License Categories

        • BC-B.1.1

          This Module applies to all categories of investment firm licensees (i.e. categories 1, 2 and 3) with regards to regulated investment services undertaken by them.

      • Client Categories

        • BC-B.1.2

          This Module provides for three categories of clients, and applies different levels of protection to each, depending on their level of sophistication.

        • BC-B.1.3

          The scope of application of this Module with regards to client categories is as follows:

          Section Subject Matter Client Category
          BC-2.1 Overarching Principles All categories.
          BC-2.2 Client Classification All categories.
          BC-2.3 Marketing and Promotion All categories; BC-2.3.18 applies to retail clients only.
          BC-2.4 Accepting Clients Retail clients only.
          BC-2.5 Suitability Retail clients only.
          BC-2.6 Disclosure of Information All categories; BC-2.6.5 to BC-2.6.12 apply to retail clients only.
          BC-2.7 Dealing and Managing All categories; various Rules apply to retail clients only.
          BC-2.8 Reporting to Clients All categories.
          BC-2.9 Complaints [Deleted in October 2011]
          BC-2.10 Conflicts of Interest All categories.
          BC-2.11 Confidentiality All categories.
          BC-2.12 Appendix All categories; various Paragraphs apply to retail clients only.
          BC-3 Customer Complaints Procedures All categories
          Amended: October 2011

      • Overseas Branches and Subsidiaries

        • BC-B.1.4

          Investment firm licensees must ensure that their branches and subsidiaries operating in foreign jurisdictions comply, at a minimum, with local conduct of business standards and regulatory requirements (where applicable).

        • BC-B.1.5

          Where conduct of business standards applied by overseas branches and subsidiaries of an investment firm licensee fall below the standards set out in this Module, the investment firm licensee must notify the CBB of the fact.

          Amended: January 2007

        • BC-B.1.6

          CBB encourages its investment firm licensees to apply — with respect to its overseas branches and subsidiaries — conduct of business standards at least equivalent to those set out in this Module. Where this is not the case, then CBB will consider any potential risk to the investment firm licensee that may arise through adverse reputational or other consequences.

          Amended: January 2007