COBS 12.1 Purpose and application

1The purpose of this chapter is to:2

1. (1)

   2set out specific requirements 2relating to the production and dissemination of investment research and non-independent research; and

2. (2)

   3provide guidance on matters in the 3Market Abuse Regulation relating to the disclosures to be made in, and about, 3investment recommendations.

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The EEA territorial scope rule modifies the general rule of application to the extent necessary to be compatible with European law (see paragraph 1.1 of Part 2 of COBS 1 Annex 1). This means that COBS 12.24 also applies4 to passported activities carried on by a UK MiFID investment firm from a branch in another EEA state, but does4 not apply to the United Kingdom branch of an EEA MiFID investment firm in relation to its MiFID business.