2.9. Agent as Client
2.9.1. General application of the "agent as client" rule
Subject to COB 2.9.2, if an Authorised Firm is aware that a Person (the "agent"), with or for whom it is intending to provide a service is acting as an agent for another Person (the "underlying client") in relation to that service, then the Authorised Firm must treat the agent as its Client in respect of the service.
2.9.2. Exclusion from the "agent as client" rule
The underlying client is treated, for the purposes of these Rules, as the Client of the Authorised Firm in respect of the service, if:
- (a) the Authorised Firm has agreed with the agent in writing to treat the underlying client as its Client; or
- (b) the agent is neither:
(1) another Authorised Firm; or
(2) an Authorised Market Institution, and the main purpose of the arrangements between the parties is the avoidance of duties that the Authorised Firm would otherwise have to the underlying client.
2.9.3. Agreement in relation to more than one underlying client
If an Authorised Firm makes an agreement with the agent under COB 2.9.2(a) in relation to more than one underlying client, the Authorised Firm may rely upon the agent to act as a single point of contact for all communications between the Authorised Firm and all of the underlying clients for which the agent is acting. Accordingly, where the Authorised Firm communicates with the underlying clients, the Authorised Firm may send to, or receive from, the agent a single communication covering all of the underlying clients, without having to notify or obtain consent from each underlying client. However, where the Authorised Firm is required to provide any communications to any single underlying client, relating to matters specific to that underlying client, the Authorised Firm will still be required to provide to the agent the information specific to that underlying client, including the following: