Status: You are viewing the version of the handbook as on 2012-01-07.

MCOB TP 3 Transitional Provisions

MCOB TP 3.1

Transitional Provisions for sale and rent back agreements

1(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

1

Every rule in MCOB unless the context otherwise requires and subject to any more specific transitional provision relating to the matter.

R

(1) If, in relation to regulated sale and rent back activities, or the communication of a financial promotion relating to a regulated sale and rent back agreement, provisions in MCOB are dependent on the occurrence of a series of events, the provision applies with respect to the events that occur on or after 30 June 2010.

(2) Paragraph (1) is without prejudice to provisions in MCOB that applied before 30 June 2010 to regulated sale and rent back firms that held an interim authorisation or an interim variation of permission to conduct regulated sale and rent back activity in accordance with article 32 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order (SI 2009/1342) that had been granted by the FSA.

From 30 June 2010 for 4 weeks.

30 June 2010

2

-

G

For example if a customer has not entered into a regulated sale and rent back agreement before 30 June 2010, a regulated sale and rent back firm will have to comply with the requirements in MCOB when taking any further action (such as issuing a written pre-offer document (Stage One) with cooling-off period (MCOB 6.9).

3

-

G

MCOB applies to regulated sale and rent back agreements entered into on or after 1 July 2009. PERG 14.4A contains guidance on the variation of plans entered into before 1 July 2009).

4

MCOB 3.8B.4 R; MCOB 3.8B.5 R

R

(1) A non-real time financial promotion of a regulated sale and rent back agreement communicated:

(a) in a directory (or similar publication) that is updated annually;

(b) otherwise than in (a); on or after 30 June 2010 where the deadline for submission for communication was before that date.

(1)(a) from the later of 30 June 2010 or the date of first communication, for one year;

(1)(b) from 30 June 2010 for three months.

30 June 2010