COLL 10.2.3 Prospectus and disclaimer must be provided etc — all non-QFC schemes

(1) An authorised firm must not sell, or arrange for the sale of, a unit in a non-QFC scheme to a customer unless it has given the customer, not later than a reasonable time before the customer becomes contractually bound in relation to the sale of the unit:
(a) a prospectus for the scheme; and
(b) a complying disclaimer for the scheme.

Note Customer and prospectus are defined in the Glossary and complying disclaimer is defined in rule 10.2.1.
(2) If an authorised firm in the exercise of its discretion buys a unit in a non-QFC scheme for a customer, the firm must:
(a) tell the customer that the customer may request a prospectus for the scheme; and
(b) give the customer a prospectus for the scheme on request.
(3) If an authorised firm gives a prospectus for a non-QFC scheme to a customer under subrule (2), the firm must also give the customer a complying disclaimer for the scheme.
(4) Subrule (2) (a) does not apply in relation to the purchase by an authorised firm of a unit in a non-QFC scheme for a customer if:
(a) the firm has told the customer, in its terms of business, or in periodic statements, given to the customer under CIPR, that the customer may request a prospectus for any non-QFC scheme in which the firm buys units for the customer under a discretionary management agreement; and
(b) the firm has given the customer a complying disclaimer for the scheme, all non-QFC schemes or a class of non-QFC schemes in which the scheme is included.
Amended by QFCRA RM/2019-4 (as from 1st January 2020).