COBS 11.1 Application

1This chapter3 applies 3to a firm.3

1. (1)

   [deleted]3

2. (2)

   [deleted]3

Save as may be provided in the relevant sections, in6 this chapter, provisions marked “UK”7 apply to a firm which is not a MiFID investment firm3 as if they were rules.

The section on personal account dealing applies to the designated investment business of a firm in relation to activities carried on from an establishment in the United Kingdom.

3The section on best execution (COBS 11.2A6) does not apply to a firm when:

1. (1)

   executing orders: or

2. (2)

   placing orders with other entities for execution: or

3. (3)

   transmitting orders to other entities for execution;

in relation to a spread-bet which is not a financial instrument, where the firm has not made a personal recommendation in relation to that spread-bet.

4The section on best execution (COBS 11.2 or COBS 11.2B, as applicable6) does not apply to a firm when, acting in the capacity of operator of a regulated collective investment scheme, it purchases or sells units in that scheme.