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COBS TP 2 Other Transitional Provisions

1(1)

(2)

(3)

(4)

(5)

(6)

Material to which the transitional provision applies

Transitional provision2

Transitional provision:2 dates in force

Handbook provisions:2 coming into force

202.-2

COBS, with the exception of COBS 15

R

Expired21

21		 21 21

42.-1

COBS 4

R

Expired15

15151515		 15 15

202.-1A

COBS 4.7.7 R to COBS 4.7.10 R

R

Expired21

21		 21 21

2.1

COBS 6.1

G

(1) If a firm provides services of an ongoing nature to an existing client it need not provide information to that client that it would be required to provide under COBS to a new client but which it was not required to provide under COB.

(2) Services of an ongoing nature include safekeeping and administration investments and managing investments,

From 1 November 2007 indefinitely

1 November 2007

2.2

COBS 6.1

G

(1) If a firm provides a service for an existing client that is not of an ongoing nature and which relates to the same particular type of designated investment as a previous service, the firm need not provide information to that client that it would be required to provide under COBS 6.1 to a new client but which it was not required to provide under COB.

(2) But a firm should ensure that the client has received all relevant information in relation to a subsequent transaction, such as details of product charges that differ from those described in respect of a previous transaction.

From 1 November 2007 indefinitely

1 November 2007

[deleted]6

6		 6 6 6 6 6

182.2A

COBS 6.1E

R

A platform service provider may continue to accept remuneration in relation to a retail investment product transaction which was executed on or before 5 April 2014:

From 6 April 2014 to 5 April 2016

6 April 2014

(1) if, after 5 April 2014, no change is made to that product or the investment held in that product; or

(2) where there is such a change on or after 6 April 2014, only in relation to the unchanged part of that product.

182.2AA

COBS 6.1E

G

The platform service provider may be remunerated by way of a platform charge for the changed part of that product.

From 6 April 2014 to 5 April 2016

From 6 April 2014 to 5 April 2016

182.2AB

COBS 6.1E

G

The following examples do not entail changes to the retail investment product:

From 6 April 2014 to 5 April 2016

From 6 April 2014 to 5 April 2016

(1) regular contributions to or a reinvestment of dividends from a retail investment product following instructions given on or before 5 April 2014;

(2) a rebalancing of the retail investment product following instructions given on or before 5 April 2014.

182.2AC

COBS 6.1E

G

Examples of changes to the retail investment product are:

From 6 April 2014 to 5 April 2016

From 6 April 2014 to 5 April 2016

(1) the retail client's investment in, or regular contribution to the relevant retail investment product is increased following instructions given on or after 6 April 2014. The platform service provider can continue to receive remuneration in relation to the amounts invested by the retail client following instructions given on or before 5 April 2014 but not in relation to any additional amounts invested by the retail client following instructions given on or after 6 April 2014.

(2) the retail client's investment is switched between retail investment products held by the platform service provider following instructions given on or after 6 April 2014. This includes switching between funds within a retail investment product such as a SIPP or a retail investment product wrapper such as an ISA.

(3) the re-registration of the retail client's retail investment product to another platform service provider following instructions given on or after 6 April 2014.

[deleted]6

 6 6 6 6 611

62.2B

COBS 6.3

15

R

Expired15

15		 15 15

62.2C

COBS 6.3

15

G

Expired15

15		 15 15

472.2D

COBS 6.3

R

Expired21

21		 21 21

472.2E

COBS 6.3.7 G

R

Expired21

21		 21 21

2.3

COBS 10.1.2 R

R

Expired15

15		 15 15

2.4

COBS 10.1.2 R

G

Expired15

15		 15 1520

202.4-A

COBS 10.1.2 R

R

Expired21

21		 21 21

42.4A

COBS 11.2

R

Expired15

515		 1551515 15

42.4B

COBS 11.2

G5

Expired15

515		 1551515 15

52.4C

COBS 11.2

R

Expired15

15		 15 15

52.4D

COBS 11.2

R

Expired15

15		 15 15

42.4E5

5

COBS 12.2 and COBS 12.3

R

Expired15

151515		 15 15

42.4F5

5

COBS 12.2 and COBS 12.3

G

Expired15

15515155151515155151551515		 15 15

42.4G5

5

COBS 12.2 and COBS 12.3

R

Expired15

155151551515151515		 15 15

2.5

COBS 13

R

Expired15

1515		 15

1217

15

172.5-A

COBS 13.4.1 R

R

Expired21

21		 21 21

122.5A

COBS 13.4.2 R

R

Expired21

21		 21 21

172.5AA

COBS 13.5.1 R

R

Expired21

21		 21 21

172.5AB

COBS 13.5.2 R

R

Expired21

21		 21 21

172.5-B

COBS 13 Annex 2

R

Expired21

21		 21 21

162.5B

COBS 13 Annex 2 2.3

R

Expired21

21		 21 21

162.5C

COBS 13 Annex 2 2.4

R

Expired21

21		 21 21

172.5D

COBS 13 Annex 3

R

Expired21

21		 21

172.5E

COBS 13 Annex 4

R

Expired21

21		 21

2.6

COBS 14.1 and COBS 14.2

R

Expired15

1515		 15 15

102.6A

COBS 14.2 and COBS 14.3

Expired15

15		 15 15

Expired15

2.7

COBS 15

R

Expired15

15		 15 15

2.8

COBS 16.3 (Periodic statements)

G

This transitional rule applies in relation to a periodic reporting period for a periodic statement that includes 1 November 2007.

A firm may choose to comply with either COBS 16.3 or COB 8.2 in providing any periodic statement2 in relation to which this rule applies.

From 1 November 2007 indefinitely

1 November 2007

42.8A

COBS 18

R

Expired15

515		 15 15

42.8B

COBS 18

G

Expired15

515		 15 15

42.8C

COBS 18

R

Expired15

515		 15 15

42.8D

COBS 18

G

[deleted]7

57		 7 7

42.8E

COBS 18

R

Expired15

15		 15 15

2.9

COBS 20.2.1 G to COBS 20.2.23 R; COBS 20.2.26 R8 to COBS 20.2.41 G

814

R

The provisions listed in column (2) do not apply to a firm if, and to the extent that, they are inconsistent with an arrangement that was formally approved by the appropriate regulator, a previous regulator or a court of competent jurisdiction, on or before 20 January 2005.

From 1 November 2007 indefinitely

1 November 2007

82.9A

COBS 20.2.24 R to COBS 20.2.25A R (Charging payments of compensation and redress to a with-profits fund)

R

The provisions listed in column (2) do not apply to a firm if, and to the extent that, they are inconsistent with an arrangement that was formally approved by the appropriate regulator, a previous regulator or a court of competent jurisdiction, on or before 31 July 2009.

From 31 July 2009 indefinitely

31 July 2009

2.10

COBS 20.2.42R (3) (Policyholder advocate: appointment and role)

R

Expired21

21		 21 21

2.11

COBS TP 2.9

G

The rules and guidance on treating with-profits policyholders fairly (COBS 20.2.1 G – COBS 20.2.41 G;) may be contrary to, or inconsistent with, some arrangements that were formally approved by the appropriate regulator, a previous regulator or a court of competent jurisdiction, on or before 20 January 2005. The effect of TP 2.9 is that these rules do not apply to such arrangements if, and to the extent that, it is inconsistent with them.

A firm should be mindful, however, that, even if some or all of these rules are disapplied, the firm is still subject to the rules in the rest of the Handbook, including Principle 6.

14

From 1 November 2007 indefinitely

1 November 2007

42.12

COBS

R

[deleted]7

57		 7 7

42.13

COBS

R

[deleted]7

57		 7 7

82.14

COBS 20.2.24 R to COBS 20.2.25A R

R

(1) COBS 20.2.24 R to COBS 20.2.25A R have effect in relation to payments of compensation and redress arising out of events occurring on or after 31 July 2009.

(2) For payments of compensation and redress arising out of events occurring before 31 July 2009, COBS 20.2.23 R to COBS 20.2.25 R apply as they were in force on 30 July 2009.

From 31 July 2009 indefinitely

31 July 200913
13

[deleted]

[deleted]

[deleted]

92.16

COBS 9.4.10 G; COBS 13 Annex 2; COBS 13 Annex 3; COBS 14.2.1 R

R

Expired15

15		 15 15

92.17

COBS 9.4.10 G; COBS 13 Annex 2; COBS 13 Annex 3; COBS 14.2.1 R

G

Expired15

15		 15 15

142.18

COBS 20.2.53 R to COBS 20.2.60 G, SUP App 2.15G

R

(1) Unless (2) applies, and subject to (3), a firm that has ceased to effect new contracts of insurance in a with-profits fund must submit to the FCA a run-off plan of the type described in COBS 20.2.53R (2); COBS 20.2.56 R, and COBS 20.2.57 G, if it has not done so already, by 31 December 2012, regardless of when it closed to new business.

(2) Paragraph (1) does not apply to a firm if, and to the extent that, to comply would be contrary to or inconsistent with an arrangement that was formally approved by a court of competent jurisdiction, on or before 1 April 2012.

(3) A firm required by (1) above to produce a run-off plan:

(a) should consider the guidance in SUP App 2.15.6 G, 2.15.7G (11), 2.15.13 G, 2.15.14 G and 2.15.15 G to continue to apply to it, as appropriate;

(b) may demonstrate compliance with the guidance in SUP App 2.15.2 G, 2.15.3 G, 2.15.4 G and 2.15.5 G by reference to existing documents created by or for the firm, provided that it submits copies of relevant extracts to the FCA;

(c) may disregard the remaining provisions in SUP App 2.15G if to do so would be consistent with meeting the requirements of COBS 20.2.56R (1); and

(d) may otherwise tailor the run-off plan to reflect the fact that the fund in question has already been closed.

From 1 April 2012 indefinitely

1 November 2007 and 1 April 2012

142.19

COBS 20.2.53 R to COBS 20.2.60 G

G

The effect of COBS TP 2.18 is that firms which were not required to submit a run-off plan to the FCA because they ceased to effect new contracts of insurance before 1 November 2007 or because of previous transitional provisions in COBS, will need to submit a version of a run-off plan to the FCA, taking into account the fact that the fund has already closed, by 31 December 2012. However, this will not apply to the extent that it would be inconsistent with a formally approved court scheme.

From 1 April 2012 indefinitely

1 November 2007 and 1 April 2012

142.20

COBS 20.2.28 R

R

Expired15

15

142.21

COBS 20.2.36 R to COBS 20.2.36A R

R

Expired21

21		 21 21

142.22

COBS 20.5.1 R to COBS 20.5.5 R

R

Expired15

15		 15 1519

192.23

The changes to COBS set out in Annex K of the Alternative Investment Fund Managers Directive Instrument 2013

R

Expired21

21		 21 21