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You are viewing the version of the document as on 2023-11-28.

PRIN 3.1 Who?

PRIN 3.1.1RRP

PRIN applies to every firm, except that it does not apply to a firm in relation to its carrying on of auction regulation bidding.20

15
PRIN 3.1.1BR
  1. (1)

    23Principle 7 applies to a registered person communicating a financial promotion relating to one or more qualifying cryptoassets (in reliance on the exemption in article 73ZA of the Financial Promotion Order) as it applies to an authorised person communicating a financial promotion relating to one or more qualifying cryptoassets (PRIN 3.2.2R), disregarding the effect of PRIN 3.2.10R.

  2. (2)

    23For the purpose of (1), relevant references in this sourcebook to a firm include reference to a registered person.

PRIN 3.1.2G

[deleted]15

1613111
PRIN 3.1.3G
PRIN 3.1.4GRP

[deleted]15

PRIN 3.1.5GRP

[deleted]15

PRIN 3.1.6RRP

A firm will not be subject to a Principle or PRIN 2A21 to the extent that it would be contrary to the requirements of an EU measure passed or made before IP completion day19, to the extent that those requirements continue to have effect after IP completion day19 under the EUWA15.

23417
PRIN 3.1.7GRP

2PRIN 4 provides specific guidance on the application of the Principles and PRIN 2A21 for MiFID business.

PRIN 3.1.8GRP

3The Principles will not apply to the extent that they purport to impose an obligation which is inconsistent with requirements which implemented15 the Payment Services Directive, the11 Consumer Credit Directive10 or the Electronic Money Directive.5 For example, there may be circumstances in which Principle 12 and PRIN 2A21 may be limited by the conduct of business obligations derived from15 the Payment Services Directive and the14 Electronic Money Directive5 and applicable15 to payment service providers and electronic money issuers17 (see Parts 6 and 714 of the Payment Services Regulations and Part 5 of the Electronic Money Regulations) or derived from15 the Consumer Credit Directive (see, for example, the information requirements in the Consumer Credit (Disclosure of Information) Regulations 2010 (SI 2010/1013)).105

5
PRIN 3.1.9R

16PRIN applies to a TP firm, except that Principle 4 only applies to the extent that a TP firm is subject to rules relating to capital adequacy.

PRIN 3.1.10R
  1. (1)

    16Only Principles 1, 2, 3, 9, 11, 12 and PRIN 2A apply to a TP UCITS qualifier and a TP AIFM qualifier, and only with respect to the activities in PRIN 3.2.2R (Communication and approval of financial promotions).

    21
  2. (2)

    22Where Principle 12 and PRIN 2A do not apply, Principle 7 also applies to a TP UCITS qualifier and a TP AIFM qualifier with respect to the activities in PRIN 3.2.2R.

1621
PRIN 3.1.11G

16For the purposes of PRIN 3.1.9R, a TP firm should refer to GEN 2.2.30R and GEN 2.2.31G to determine which rules relating to capital adequacy apply to it.

PRIN 3.1.12R

21Principle 12 and PRIN 2A only apply where a client is a retail customer, or there is distribution chain which involves a retail customer.

PRIN 3.1.13R

21Principle 12 and PRIN 2A apply to:

  1. (1)

    a TP firm; and

  2. (2)

    a Gibraltar-based firm.