COBS 2.2.3

If an Authorised Person is aware that a Client, with or for whom it is intending to carry on a Regulated Activity where this involves provision of a service to a Client, is acting as an agent for another Person (the "second person") in relation to a particular Transaction, then unless the Client is another Authorised Person or a Recognised Body, the Authorised Person must also treat that second person as its Client in relation to that Transaction.