Related provisions for COBS 13.5.4

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

COBS 20.1.1RRP
1This chapter applies to a firm carrying on with-profits business, except to the extent modified in the following rules.
COBS 20.1.2RRP
(1) The section on the process for reattribution (COBS 20.2.42 R to COBS 20.2.52 G):(a) applies to a firm that is proposing to make a reattribution of its inherited estate;(b) but not if, and to the extent that, it would require the firm to breach, or would prevent the firm from complying with, an order made by a court of competent jurisdiction.(2) If a firm proposes to seek an order from a court of competent jurisdiction that would allow or require it to act in a way that is
COBS 20.1.3RRP
For an EEA insurer:(1) the rules and guidance on treating with-profits policyholders fairly (COBS 20.2.1 G to COBS 20.2.41 G and COBS 20.2.53 R to COBS 20.2.60 G) apply only in so far as responsibility for the matter in question has not been reserved to the firm'sHome State regulator by an EU2 instrument;2(2) COBS 20.3 (Principles and Practices of Financial Management) does not apply;(3) the rule on providing information to with-profits policyholders who are habitually resident
COBS 20.1.4RRP
The following do not apply to a non-directive friendly society:(1) COBS 20.3 (Principles and Practices of Financial Management);3(2) COBS 20.4 (Communications with with-profits policyholders); and3(3) COBS 20.5 (With-profits governance).3
COBS 20.1.5RRP
This chapter does not apply to with-profits business that consists of effecting or carrying out Holloway sickness policies.
COBS 2.1.1RRP
(1) 1A firm must act honestly, fairly and professionally in accordance with the best interests of its client (the client's best interests rule).(2) This rule applies in relation to designated investment business carried on:(a) for a retail client; and(b) in relation to MiFID or equivalent third country business, for any other client.(3) For a management company, this rule applies in relation to any UCITS scheme or EEA UCITS scheme the firm manages.23[Note: article 19(1) of MiFID
COBS 2.1.2RRP
A firm must not, in any communication relating to designated investment business seek to:(1) exclude or restrict; or(2) rely on any exclusion or restriction of;any duty or liability it may have to a client under the regulatory system.
COBS 2.1.3GRP
(1) In order to comply with the client's best interests rule, a firm should not, in any communication to a retail client relating to designated investment business:(a) seek to exclude or restrict; or(b) rely on any exclusion or restriction of;any duty or liability it may have to a client other than under the regulatory system, unless it is honest, fair and professional for it to do so.(2) The general law, including the Unfair Terms Regulations, also limits the scope for a firm
COBS 2.1.4RRP
3A full-scope UK AIFM and an incoming EEA AIFM branch must, for all AIFs it manages: (1) act honestly, fairly and with due skill care and diligence in conducting their activities;(2) act in the best interests of the AIF it manages or the investors of the AIF it manages and the integrity of the market;(3) treat all investors fairly; and(4) not allow any investor in an AIF to obtain preferential treatment, unless such preferential treatment is disclosed in the relevant AIF'sinstrument
COBS 2.1.5GRP
3Articles 16 to 29 of the AIFMD level 2 regulation provide detailed rules supplementing the relevant provisions of Article 12(1) of AIFMD.
COBS 18.3.1RRP

The provisions of COBS in the table do not apply in respect of any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

36.1A

Adviser charging and remuneration

36.1B

Retail investment product provider requirements relating to adviser charging and remuneration

36.2A

Describing advice services

6.3

Disclosing information about services, fees and commission - packaged products

6.4

Disclosure of charges, remuneration and commission

9.4

Suitability reports

9.6

Special rules for providing basic advice on a stakeholder product

11.6

Use of dealing commission

211.8

Recording telephone conversations and electronic communications

16.3.9

Guidance on contingent liability transaction

16.5

Quotations for surrender values

16.6

Life insurance contracts - communications to clients

16 Annex 1 R (1) 14

Information to be provided in accordance with COBS 16.2.1 R and 16.3

COBS 18.3.2GRP

The provisions of COBS in the table are unlikely to be relevant to any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

5

Distance communications, except in relation to distance contracts concluded with consumers

7

Insurance mediation

13

Preparing product information

14.2

Providing product information

15

Cancellation, except cancellation and withdrawal rights in relation to distance contracts concluded with consumers

17

Claims handling for long-term care insurance

18.1

Trustee firms' regime

18.2

Energy market activity and oil market activity

18.4

Stock lending activity

19

Pensions - supplementary provisions

20

With-profits

COBS 18.3.4GRP
COBS 15 (Cancellation) is likely to be of limited application to corporate finance business. Distance contracts concluded with consumers in the course of corporate finance business will be exempt from COBS 15 if the price of the financial service is dependent on fluctuations in the financial market outside the firm's control.
COBS 12.1.1GRP
1The purpose of this chapter is to:2(1) 2set out specific requirements 2relating to the production and dissemination of investment research and non-independent research; and(2) implementing the provisions of 2the Market Abuse Directive relating to the disclosures to be made in, and about, research recommendations
COBS 12.1.2RRP
This chapter applies 2to a firm.2(1) 2[deleted](2) 2[deleted]
COBS 12.1.3GRP
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 12.2 and COBS 12.3.4 G also apply to passported activities carried on by a UKMiFID investment firm from a branch in another EEA state, but do not apply to the United Kingdombranch of an EEAMiFID investment firm in relation to its MiFID business.
COBS 17.1.1RRP
1When an insurer or managing agent receives a claim under a long-term care insurance contract, it must respond promptly by providing the policyholder, or the person acting on the policyholder's behalf, with:(1) a claim form (if it requires one to be completed);(2) a summary of its claims handling procedure; and(3) appropriate information about the medical criteria that must be met, and any waiting periods that apply, under the terms of the policy.
COBS 17.1.2RRP
As soon as reasonably practicable after receipt of a claim, the insurer or managing agent must tell the policyholder, or the person acting on the policyholder's behalf:(1) (for each part of the claim it accepts), whether the claim will be settled by paying the policyholder, providing goods or services to the policyholder or paying another person to provide those goods or services; and(2) (for each part of the claim it rejects), why the claim has been rejected and whether any future
COBS 17.1.3RRP
An insurer and a managing agent must not:(1) unreasonably reject a claim; or(2) except where there is evidence of fraud, reject a claim for:(a) non-disclosure of a fact material to the risk which the policyholder could not reasonably have been expected to disclose; or(b) misrepresentation of a fact material to the risk, unless the misrepresentation is negligent; or(c) breach of warranty, unless the circumstances of the claim are connected to the breach, the warranty is material to
COBS 9.5.1GRP
A3firm to which SYSC 9 applies 3is required to keep orderly records of its business and internal organisation (see SYSC 9, General rules on record-keeping). Other firms are 3 required to take reasonable care to establish and maintain such systems and controls as are appropriate to their 3business (see SYSC 3, Systems and controls). The records may be expected to reflect the different effect of the rules in this chapter depending on whether the client is a retail client or a professional
COBS 9.5.2RRP
A1firm must retain its records relating to suitability for a minimum of the following periods:(1) if relating to a pension transfer, pension opt-out or FSAVC, indefinitely;(2) if relating to a life policy,2personal pension scheme2or stakeholder pension scheme, five years;(3) if relating to MiFID or equivalent third country business, five years; and(4) in any other case, three years.
COBS 9.5.3RRP
A firm need not retain its records relating to suitability if:(1) the client does not proceed with the recommendation; and(2) they do not relate to MiFID or equivalent third country business.
COBS 3.8.1RRP
A firm must implement appropriate written internal policies and procedures to categorise its clients. [Note: fourth paragraph of section II.2 of annex II to MiFID]
COBS 3.8.2RRP
(1) A firm must make a record of the form of each notice provided and each agreement entered into under this chapter. This record must be made at the time that standard form is first used and retained for the relevant period after the firm ceases to carry on business with clients who were provided with that form.(2) A firm must make a record in relation to each client of:(a) the categorisation established for the client under this chapter, including sufficient information to support
COBS 3.8.3GRP
If a firm provides the same form of notice to more than one client, it need not maintain a separate copy of it for each client, provided it keeps evidence of despatch of the notice to each client.
COBS 14.4.10RRP
If an intermediate Unitholder receives a reasonable request from an authorised fund manager for information relating to the beneficial owners of the units of a scheme that it operates which the authorised fund manager reasonably needs for the purposes of liquidity management, the intermediate Unitholder must provide that information to the authorised fund manager as soon as is reasonably practicable.
COBS 14.4.11GRP
Examples of information which may be reasonably requested by an authorised fund manager include:(1) a breakdown of the total number of units held by the intermediate Unitholder in each scheme to indicate the number of units attributable to individual beneficial owners; and(2) information about the types of distribution channel which have been used to sell the units to the relevant beneficial owners.
COBS 14.4.12GRP
In determining whether a request from an authorised fund manager is reasonable, an intermediate Unitholder may take into account the frequency with which such requests have been received from that authorised fund manager.
COBS 10.3.1RRP
(1) If a firm considers, on the basis of the information received to enable it to assess appropriateness, that the product or service is not appropriate to the client, the firm must warn the client.(2) This warning may be provided in a standardised format. [Note: article 19(5) of MiFID]
COBS 10.3.2RRP
(1) If the client elects not to provide the information to enable the firm to assess appropriateness, or if he provides insufficient information regarding his knowledge and experience, the firm must warn the client that such a decision will not allow the firm to determine whether the service or product envisaged is appropriate for him.(2) This warning may be provided in a standardised format. [Note: article 19(5) of MiFID]
COBS 10.3.3GRP
If a client asks a firm to go ahead with a transaction, despite being given a warning by the firm, it is for the firm to consider whether to do so having regard to the circumstances.
COBS 6.1G.1RRP
1If a client requests a firm (F) to transfer the title to a retail investment product which is held by F directly, or indirectly through a third party, on that client's behalf to another person (P), and F may lawfully transfer the title to that retail investment product to P, F must execute the client's request within a reasonable time and in an efficient manner.
COBS 6.1G.2RRP
A firm acting as a registrar should carry out a request by F for the re-registration of ownership of a retail investment product to P within a reasonable time.
COBS 3.2.1RRP
(1) A person to whom a firm provides, intends to provide or has provided:(a) a service in the course of carrying on a regulated activity; or(b) in the case of MiFID or equivalent third country business, an ancillary service,is a "client" of that firm;(2) A "client" includes a potential client.(3) In relation to the financial promotion rules, a person to whom a financial promotion is or is likely to be communicated is a "client" of a firm that communicates or approves it.(4) A
COBS 3.2.2GRP
1(1) A corporate finance contact or a venture capital contact is not a client under the first limb of the general definition. This is because a firm does not provide a service to such a contact. However, it will be a client under the third limb of the general definition for the purposes of the financial promotion rules if the firmcommunicates or approves a financial promotion that is or is likely to be communicated to such a contact. 1(2) Communicating or approving a financial
COBS 3.2.3RRP
(1) If a firm provides services to a person that is acting as an agent, the identity of its client will be determined in accordance with the rule on agents as clients (see COBS 2.4.3 R).(2) In relation to a firm establishing, operating or winding up a personal pension scheme or a stakeholder pension scheme, a member or beneficiary of that scheme is a client of the firm.(3) If a firm that does not fall within (2) provides services to a person that is acting as the trustee of a
COBS 11.5.1EURP
An investment firm shall, in relation to every order received from a client, and in relation to every decision to deal taken in providing the service of portfolio management, immediately make a record of the following details, to the extent they are applicable to the order or decision to deal in question:(1) the name or other designation of the client;(2) the name or other designation of any relevant person acting on behalf of the client;(3) the details specified in point 4, 6,
COBS 11.5.2EURP
Immediately after executing a client order, or, in the case of investment firms that transmit orders to another person for execution, immediately after receiving confirmation that an order has been executed, investment firms shall record the following details of the transaction in question:(1) the name or other designation of the client;(2) the details specified in points 2, 3, 4, 6, and in points 16 to 21, of Table 1 of Annex I;(3) the total price, being the product of the unit
COBS 11.5.3EURP
If an investment firm transmits an order to another person for execution, the investment firm shall immediately record the following details after making the transmission:(1) the name or other designation of the client whose order has been transmitted;(2) the name or other designation of the person to whom the order was transmitted;(3) the terms of the order transmitted;(4) the date and exact time of transmission. [Note: article 8(2) of MiFID Regulation]
COBS 11.5.4EURP

Points 2, 3, 4, 6, 16 - 21 of Table 1 of Annex 1 of the MiFID Regulation

2.

Trading day

The trading day on which the transaction was executed.

3.

Trading time

The time at which the transaction was executed, reported in the local time of the competent authority to which the transaction will be reported, and the basis in which the transaction is reported expressed as Co-ordinated Universal Time (UTC) +/- hours.

4.

Buy/sell indicator

Identifies whether the transaction was a buy or sell from the perspective of the reporting investment firm or, in the case of a report to a client, of the client.

6.

Instrument identification

This shall consist of:

  • a unique code to be decided by the competent authority (if any) to which the report is made identifying the financial instrument which is the subject of the transaction;
  • if the financial instrument in question does not have a unique identification code, the report must include the name of the instrument or, in the case of a derivative contract, the characteristics of the contract.

16.

Unit price

The price per security or derivative contract excluding commission and (where relevant) accrued interest. In the case of a debt instrument, the price may be expressed either in terms of currency or as a percentage.

17.

Price notation

The currency in which the price is expressed. If, in the case of a bond or other form of securitised debt, the price is expressed as a percentage, that percentage shall be included.

18.

Quantity

The number of units of the financial instruments, the nominal value of bonds, or the number of derivative contracts included in the transaction.

19.

Quantity notation

An indication as to whether the quantity is the number of units of financial instruments, the nominal value of bonds or the number of derivative contracts.

20.

Counterparty

Identification of the counterparty to the transaction. That identification shall consist of:

  • where the counterparty is an investment firm, a unique code for that firm, to be determined by the competent authority (if any) to which the report is made;
  • where the counterparty is a regulated market or MTF or an entity acting as its central counterparty, the unique harmonised identification code for that market, MTF or entity acting as central counterparty, as specified in the list published by the competent authority of the home Member State of that entity in accordance with Article 13(2);
  • where the counterparty is not an investment firm, a regulated market, an MTF or an entity acting as central counterparty, it should be identified as 'customer/client' of the investment firm which executed the transaction.

21.

Venue identification

Identification of the venue where the transaction was executed. That identification shall consist in:

  • where the venue is a trading venue: its unique harmonised identification code;
  • otherwise: the code 'OTC'.

COBS 4.13.1RRP
(1) 1This section applies to a firm in relation to a communication to a client, including an excluded communication, that is a marketing communication within the meaning of the UCITS Directive.(2) This section does not apply to:(a) image advertising; or(b) the instrument constituting the fund2, the prospectus, the key investor information (or alternatively the simplified prospectus or EEA simplified prospectus) or the periodic reports and accounts of either a UCITS scheme or an
COBS 4.13.2RRP
(1) A firm must ensure that a marketing communication that comprises an invitation to purchase units in a UCITS scheme or EEA UCITS scheme and that contains specific information about the scheme:(a) makes no statement that contradicts or diminishes the significance of the information contained in the prospectus and the key investor information document or EEA key investor information document for the scheme;(b) indicates that a prospectus exists for the scheme and that the key
COBS 4.13.3RRP
A firm must ensure that a marketing communication (other than a key investor information document or EEA key investor information document) relating to a feeder UCITS contains a statement that the feeder UCITS permanently invests at least 85% in value of its assets in units of its master UCITS.[Note: article 63(4) of the UCITS Directive]
COBS 12.4.8GRP
The disclosures required under COBS 12.4.7 R (1)(e) and COBS 12.4.7R (1)(f) may, if the firm so chooses, be made by graphical means (for example by use of a line graph).
COBS 12.4.11GRP
Nothing in COBS 12.4.10 R (1)(a) prevents a firm from choosing to disclose significant shareholdings above a lower threshold (for example, 1%) than is required by COBS 12.4.10 R (1)(a).
COBS 12.4.14GRP
The FCA considers that it is important for the proportions published in compliance with COBS 12.4.10 R (4) to be consistent and meaningful to the recipients of the research recommendations. Accordingly for non-equity material, the relevant categories should be meaningful to the recipients in terms of the course of action being recommended.
COBS 10.4.1RRP
(1) A firm is not required to ask its client to provide information or assess appropriateness if:(a) the service only consists of execution and/or the reception and transmission of client orders, with or without ancillary services, it relates to particular financial instruments and is provided at the initiative of the client;(b) the client has been clearly informed (whether the warning is given in a standardised format or not) that in the provision of this service the firm is
COBS 10.4.2RRP
If a client engages in a course of dealings involving a specific type of product or service through the services of a firm, the firm is not required to make a new assessment on the occasion of each separate transaction. A firm complies with the rules in this chapter provided that it makes the necessary appropriateness assessment before beginning that service. [Note: recital 59 to the MiFID implementing Directive]
COBS 10.4.3RRP
A client who has engaged in a course of dealings involving a specific type of product or service beginning before 1 November 2007 is presumed to have the necessary experience and knowledge in order to understand the risks involved in relation to that specific type of product or service. [Note: recital 59 of the MiFID implementing Directive]
COBS 6.1F.-1RRP
This section does not apply if the retail client is outside the United Kingdom.
COBS 6.1F.1RRP
1A firm which:2(1) arranges for retail clients to buy retail investment products or makes personal recommendations to retail clients in relation to retail investment products; and22(2) uses a platform service for that purpose;must take reasonable steps to ensure that it uses a platform service which presents its retail investment products without bias.
COBS 18.9.1RRP
12(1) The financial promotion rules in COBS apply to an ICVC, except that COBS 4.13 (UCITS) applies only to an ICVC that is a UCITS scheme.2(2) COBS 14.2 (Providing product information to clients) applies to an ICVC that is a UCITS scheme.2
COBS 18.9.2GRP
Firms should note that the operator of an ICVC when it is undertaking scheme management activity will be subject to COBS 18.5.2R.
COBS 10.6.1GRP
A firm need not assess appropriateness if it is receiving or transmitting an order in relation to which it has assessed suitability under COBS 9 (Suitability (including basic advice)).
COBS 10.6.2GRP
A firm may not need to assess appropriateness if it is able to rely on a recommendation made by an investment firm (see COBS 2.4.5 G (Reliance on other investment firms: MiFID and equivalent business).
COBS 18.10.1RRP

1The COBS provisions in the table apply to a UCITS qualifier and a service company:

COBS

Description

4

Communications to clients, but only in relation to communicating or approving a financial promotion

5.2

E-Commerce

12.4

Investment Research recommendations: required disclosures

COBS 18.10.2RRP
2COBS 4 and COBS 12.4 apply to an AIFM qualifier.
COBS 10.7.1GRP
A1firm is required to keep orderly records of its business and internal organisation, including all services and transactions undertaken by it.1 The records may be expected to include the client information a firm obtains to assess appropriateness and should be adequate to indicate what the assessment was. 11
COBS 10.7.2RRP
The firm must retain its records relating to appropriateness for a minimum of five years.