Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  1. Point in time
    2006-01-01

COB 10.1 Application

COB 10.1.1R
  1. (1)

    COB 10 applies to a firm which is an operator of a collective investment scheme in accordance with COB 10.1.2 R.

  2. (2)

    The right hand column of the table in COB 10.1.2 R specifies the sections in COB 10 which apply to the operator specified in the left hand column of the table.

COB 10.1.3G

The term operator includes an authorised corporate director of an ICVC.

COB 10.1.4G

Operators are also required to comply with the other relevant provisions of the Handbook. For example:

  1. (1)

    The Principles for Business (PRIN);

  2. (2)

    Senior Management Arrangements, Systems and Controls (SYSC);

  3. (3)

    an operator that communicates or approves a financial promotion relating to a scheme is also required to comply with COB 3;

  4. (4)

    an operator that holds clients' money otherwise than as trustee of an unregulated collective investment scheme is also required to comply with CASS 4;

  5. (5)

    an operator that is also the trustee of an unregulated collective investment scheme is also required to comply with COB 11 in relation to its activity as a trustee firm;

  6. (6)

    an operator of an authorised unit trust scheme is also required to comply with the Collective Investment Schemes sourcebook (CIS);

  7. (7)

    an operator of an ICVC is also required to comply with the Collective Investment Schemes sourcebook (CIS); and

  8. (8)

    an operator is also required to comply with the Money Laundering sourcebook (ML).

Purpose

COB 10.1.5G

The purpose of this chapter is:

  1. (1)

    to take into account the existence of other legislation and rules that may apply to operators (for example, the Collective Investment Schemes sourcebook); to adopt or disapply rules from other chapters in COB; in this way, conflicts between rules and duplication of rules are avoided;

  2. (2)

    to make a number of general modifications to the operation of the applied rules in COB in the operator context; in general, the ordinary definition of a customer is modified to mean the scheme; however, in certain circumstances, such as an obligation to provide certain kinds of information about the scheme and its investments, the ordinary definition of a customer is modified to mean a participant in the scheme; and

  3. (3)

    to apply a number of rules that have been specifically designed to apply to operators when undertaking scheme management activity.