ICOB 1.4 Application in respect of electronic commerce activities and communications
Application and purpose
- (1)
- (a)
which is an electronic commerce activity provider, that is, any firm which carries on an electronic commerce activity;
- (b)
in relation to a financial promotion which is an electronic commerce communication;
- (c)
which concludes distance contracts, the making or performance of which constitutes, or is part of, insurance mediation activity in relation to non-investment insurance contracts.
- (a)
- (2)
Paragraph (1) means that firms need to be aware of this section whenever they are providing a service which:
Modification of ICOB resulting from the E-Commerce Directive
The modifications made to ICOB resulting from the introduction of the E-Commerce Directive are of three kinds:
- (1)
ECO 1.1.6 R modifies ICOB so that a firm providing an electronic commerce activity from an establishment elsewhere in the EEA to a recipient who is in the United Kingdom (an incoming ECA provider) is not required to comply with any provisions of ICOB.
- (2)
- (a)
modifies ICOB so that, in relation to a financial promotion which is an outgoing electronic commerce communication, ICOB 3 has an extended application to cover the whole of the EEA; and
- (b)
obliges such a firm, in providing an electronic commerce activity within the EEA, to comply with the minimum information and other requirements in the E-Commerce Directive;
- (a)
- (3)
ECO 3 applies to a firm providing an electronic commerce activity from an establishment in the United Kingdom to a recipient who is in the United Kingdom or in a non-EEA State (a domestic ECA provider). Such a firm has to comply with ICOB in the usual way and so the requirements in ECO 3 are in addition to ICOB. ECO 3 sets out the minimum information and other requirements in the E-Commerce Directive.