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Status: You are viewing the version of the handbook as on 2005-06-30.

ECO 2.1 Application and purpose

Application

ECO 2.1.1R

ECO 2 applies to:

  1. (1)

    an outgoing ECA provider; and 1

  2. (2)

    every firm in relation to a financial promotion which is an outgoing electronic commerce communication.1

Purpose

ECO 2.1.2G
  1. (1)

    The main purpose of this chapter is to implement the provisions of the E-Commerce Directive as these apply to firms regulated by the FSA.

  2. (2)

    The purpose of ECO 2.2 (Modification of the content and territorial scope of COB) is to ensure that:

    1. (a)

      an outgoing ECA provider; and1

    2. (b)

      a firm, in relation to a financial promotion which is an outgoing electronic commerce communication1;

    in complying with COB, is able to disregard any provision of COB which is included in the 'consumer contract derogation' or 'insurance derogation' (set out in the Annex to the E-Commerce Directive), when dealing with a consumer in another EEA State.

  3. (3)

    ECO 2.2 also extends the territorial scope of COB 3 (Financial promotion), ICOB 3 (Financial promotion)3 and MCOB 3 (Financial promotion) in relation to a financial promotion which is an outgoing electronic commerce communication1, whether or not the recipient is a consumer.2

  4. (4)

    ECO 2.3 (Minimum information requirements) imposes the information requirements of the E-Commerce Directive on firms when they carry on an electronic commerce activity with an EEA ECA recipient from a UK establishment, whether or not the recipient is a consumer. These requirements are in addition to the requirements otherwise applicable to firms when they carry on a regulated activity.1