COBS 10.1 Application

This chapter applies to a firm which arranges or deals in relation to a non-readily realisable security,2 derivative or a warrant with or for a retail client, other than in the course of MiFID or equivalent third country business,3 or facilitates a retail client becoming a lender under a P2P agreement4 and the firm is aware, or ought reasonably to be aware, that the application or order is in response to a direct offer financial promotion.