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COBS 18
COBS 18.6 Lloyd's

You are viewing the version of the document as on 2022-02-28.

Timeline guidance

Alternative versions

2007-11-01

Point in time

2022-02-28

COBS 18.6 1Lloyd's

Application

COBS 18.6.1R01/11/2007

1This section applies to a firm when it carries on Lloyd's market activities.

COBS rules that apply to Lloyd's market activities

COBS 18.6.2R01/11/2007

Only COBS 3 (Client categorisation) and the financial promotion rules apply when a firm is carrying out Lloyd's market activities.

COBS 18.6.3G01/11/2007

Firms are reminded that syndicate business plans may be used in ways that bring them within the definition of a financial promotion.

Definitions and modifications

COBS 18.6.4R01/11/2007

When a firm is carrying on Lloyd's market activities, any reference in COBS to the term:

(1)
designated investment is to be taken to include the following specified investments:
1. (a)
  the underwriting capacity of a Lloyd's syndicate;
2. (b)
  membership of a Lloyd's syndicate; and
3. (c)
  rights to or interests in the specified investments in (a) or (b);
(2)
designated investment business is to be taken to include the following regulated activities:
1. (a)
  advising on syndicate participation at Lloyd's;
2. (b)
  managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's; and
3. (c)
  agreeing to carry on the regulated activities in (a) or (b).

The Principles and Lloyd's market activities

COBS 18.6.5G01/11/2007

Whilst COBS has limited application to Lloyd's market activities, firms conducting Lloyd's market activities are reminded that they are required to comply with the Principles.