• CIPR Part 3.4 CIPR Part 3.4 Authorised firms' reliance on others and exclusion or restriction of liability

    • CIPR 3.4.1 Reliance on information provided by others

      (1) If an authorised firm relies on information that was provided to it by another person, the firm is taken to comply with a provision of these rules that requires it to obtain information if the firm can show that it is reasonable for it to rely on the information.
      (2) For subrule (1), it is reasonable for the firm to rely on the information if:
      (a) the other person provided the information in a durable medium;
      (b) the firm believes on reasonable grounds that the person who provided the information was competent to provide it; and
      (c) the firm is not aware, and it is reasonable for the firm not to be aware, of anything that would give it reasonable grounds to question the accuracy of the information.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 3.4.2 Reliance on others to give information to customers

      If a provision of these rules requires an authorised firm to give information to a customer, the firm must give the information directly to the customer and not to another person, unless it has an instruction, in a durable medium, from the customer requiring or allowing it to give the information to the other person.

      Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 3.4.3 Exclusion or restriction of liability

      (1) An authorised firm must not seek to exclude or restrict, or rely on any exclusion or restriction of, any duty or liability to a customer that arises under the regulatory system in the QFC.
      (2) An authorised firm must not seek to exclude or restrict, or rely on any exclusion or restriction of, any duty or liability to a retail customer that arises under a law applying in the QFC (otherwise than under the regulatory system in the QFC) unless it is reasonable for the firm to do so.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).