durable medium
- (b) any instrument which enables the recipient to store information addressed personally to the recipient in a way accessible for future reference and for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored. In relation to the equivalent business of a third country investment firm, MiFID optional exemption business or collective portfolio management, if the relevant rule derives from the MiFID Org Regulation or is a rule which implemented124 the UCITS Directive, the UCITS implementing Directive or the UCITS implementing Directive No 2 the instrument used must be:3636112121112.12140404040404036401124012201740711127112136
- (i) appropriate to the context in which the business is to be carried on; and36
- (ii) specifically 40chosen by the recipient 40when offered the choice between that instrument and paper.36
- (iii) the requirements in (i) and (ii) above only apply in relation to retail clients or potential retail clients;147
- (iv) where the client or potential client is a retail client, or potential retail client, who has requested to receive the information on paper, that information must be provided on paper and free of charge; and147
- (v) firms must provide all information required to be provided in a durable medium by the relevant rule to clients or potential clients in electronic format, except where the client or potential client is a retail client, or potential retail client.147
- (vi)147 the instrument used must be appropriate in the context of the business conducted between the insurance distributor and (for ICOBS) the customer or (for COBS) the client; and121
- (vii)147 the customer (for ICOBS) or client (for COBS) must be given the choice between information on paper and the instrument used, and must specifically choose the latter medium.121