Conduct Of Business Sourcebook - FCA Handbook
Conduct of BusinessSourcebook
COBS ContentsConduct of Business SourcebookCOBS 11.11.21.31 Annex 1COBS 22.12.22.2A2.2B2.32.3A2.3B2.3C2.42.5COBS 33.13.23.33.43.53.63.73.8COBS 44.14.24.34.44.5COBS–iApplicationGeneral applicationMarkets in Financial Instruments DirectiveInsurance distributionApplication (see COBS 1.1.2R)Conduct of business obligationsActing honestly, fairly and professionallyInformation disclosure before providing services (other than MiFID andinsurance distribution)Information disclosure before providing services (MiFID and insurancedistribution provisions)SRD requirementsInducements relating to business other than MiFID, equivalent thirdcountry or optional exemption business and insurance-based investmentproductsInducements relating to MiFID, equivalent third country or optionalexemption business and insurance-based investment productsInducements and researchResearch and execution servicesAgent as client and reliance on othersOptional additional productsClient categorisationApplicationClientsGeneral notificationsRetail clientsProfessional clientsEligible counterpartiesProviding clients with a higher level of protectionPolicies, procedures and recordsCommunicating with clients, including financial promotionsApplicationFair, clear and not misleading communicationsFinancial promotions to be identifiable as suchCompensation informationCommunicating with retail clients (non-MiFID provisions)www.handbook.fca.org.uk Release 5 Mar 2021
COBS Contents4.5ACommunicating with clients (including past, simulated past and futureperformance) (MiFID provisions)Past, simulated past and future performance (non-MiFID provisions)Direct offer financial promotionsCold calls and other promotions that are not in writingFinancial promotions with an overseas elementSystems and controls and approving and communicating financialpromotionsRecord keeping: financial promotionRestrictions on the promotion of non-mainstream pooled investmentsUCITSRestrictions on the promotion of speculative illiquid securities to retailclients4.64.74.84.94.104.114.124.134.14COBS 5Distance communications5.15.25 Annex 15 Annex 2COBS 6Information about the firm, its services and 1H6.2B6.46 Annex 16 Annex 26666AnnexAnnexAnnexAnnex Release 5The distance marketing disclosure rulesE-CommerceDistance marketing informationAbbreviated distance marketing disclosure3456Information about the firm and compensation information (non-MiFIDand non-insurance distribution provisions)Information about the firm and compensation information (MiFID andinsurance distribution provisions)Adviser charging and remunerationRetail investment product provider, operator of an electronic system inrelation to lending, and platform service provider requirements relatingto adviser charging and remunerationConsultancy charging and remunerationProduct provider requirements relating to consultancy charging andremunerationPlatform services: platform charges and using a platform service foradvisingUsing a platform service for arranging and advisingRe-registration of title to retail investment productsPlatform switchingDescribing advice servicesDisclosure of charges, remuneration and commissionServices and costs disclosure document described in COBS 6.3.7G(1)[deleted]Combined initial disclosure document described in COBS 6.3, ICOBS 4.5and MCOB 4.4A.20G [deleted][deleted][deleted][deleted]Calculating commission equivalent Mar 2021www.handbook.fca.org.ukCOBS–ii
COBS ContentsCOBS 77.17.37.4COBS 88.1COBS 8A8A.1COBS 99.19.29.39.49.59.5A9.69 Annex 19 Annex 2COBS 9A9A.19A.29A.39A.4COBS 1010.110.210.310.410.510.610.7COBS–iiiInsurance distributionApplicationAdditional insurance distribution obligationsInsurance distribution: Means of communication to clientsClient agreements (non-MiFID provisions)Client agreements: non-MiFID designated investment businessClient agreements (MiFID provisions)Client agreements (MiFID, equivalent third country or optionalexemption business)Suitability (including basic advice) (other than MiFID andinsurance-based investment products)Application and purpose provisionsAssessing suitabilityGuidance on assessing suitabilitySuitability reportsRecord keeping and retention periods for suitability recordsAdditional guidance for firms with insistent clientsSpecial rules for giving basic advice on a stakeholder productBasic advice initial disclosure informationSales processes for stakeholder productsSuitability (MiFID and insurance-based investment productsprovisions)Application and purposeAssessing suitability: the obligationsInformation to be provided to the clientRecord keeping and retention periods for suitability recordsAppropriateness (for non-MiFID and non-insurance-basedinvestment products non-advised services) (non-MiFID and noninsurance-based investment products provisions)ApplicationAssessing appropriateness: the obligationsWarning the clientAssessing appropriateness: when it need not be doneAssessing appropriateness: guidanceWhen a firm need not assess appropriatenessRecord keeping and retention periods for appropriateness recordswww.handbook.fca.org.uk Release 5 Mar 2021
COBS ContentsCOBS 10A10A.110A.210A.310A.410A.510A.610A.7COBS 11Appropriateness (for non-advised services) (MiFID and insurancebased investment products provisions)ApplicationAssessing appropriateness: the obligationsWarning the clientAssessing appropriateness: when it need not be done due to type ofinvestmentAssessing appropriateness: guidanceAssessing appropriateness: when a firm need not assessappropriateness due to suitability assessmentRecord keeping and retention periods for appropriateness recordsDealing and .7AApplicationBest execution for AIFMs and residual CIS operatorsBest execution – MiFID provisionsBest execution for UCITS management companiesQuality of executionClient order handlingClient limit ordersRecord keeping: client orders and transactionsPersonal account dealingPersonal account dealing relating to MiFID, equivalent third country oroptional exemption business11 Annex 1UK Regulatory Technical Standard 28 (RTS 28)COBS 11A11A.111A.2COBS 1212.112.212.4Underwriting and placingProhibition of future service restrictionsInvestment researchPurpose and applicationInvestment research and non-independent researchInvestment recommendationsCOBS 1313.113.213.313.413.513.613 Annex 113 Annex 213 Annex 3 Release 5Underwriting and placingPreparing product informationThe obligation to prepare product informationProduct information: production standards, form and contentsContents of a key features documentContents of a key features illustrationPreparing product information: other projectionsPreparing product information: adviser and consultancy chargesSolvency II Directive InformationProjectionsCharges information for a non-PRIIP packaged product Mar 2021www.handbook.fca.org.ukCOBS–iv
COBS Contents13 Annex 4COBS 1414.114.214.314.3A14.414 Annex 1COBS 1515.115.215.315.415.515 Annex 1COBS 16Charges information for a personal pension scheme and a stakeholderpension schemeProviding product information to clientsInterpretationProviding product information to clientsInformation about designated investments (non-MiFID provisions)Information about financial instruments (MiFID provisions)Provision of information by an intermediate UnitholderLifetime ISA informationCancellationApplicationThe right to cancelExercising a right to cancelEffects of cancellationSpecial situationsExemptions from the right to cancelReporting information to clients (non-MiFID sional reportingPeriodic reportingStatements of client designated investments or client moneyQuotations for surrender valuesCommunications to clients – life insurance, long term care insurance anddrawdown pensions16 Annex 1R Trade confirmation and periodic information16 Annex 2R Information to be included in a periodic reportCOBS 16A16A.116A.216A.316A.416A.5COBS 1717.1COBS–vReporting information to clients (MiFID and insurance-basedinvestment products provisions)ApplicationGeneral client reporting and record keeping requirementsOccasional reporting: MiFID businessPeriodic reportingStatements of client financial instruments or client fundsClaims handling for long-term care insuranceProviding information to claimants, dealing with claims and warranties inpolicieswww.handbook.fca.org.uk Release 5 Mar 2021
COBS ContentsCOBS 18.918.1018.1118.1218 Annex 118 Annex 2COBS 19Specialist RegimesTrustee FirmsEnergy market activity and oil market activityCorporate finance businessStock lending activityResidual CIS operators and small authorised UK AIFMsFull-scope UK AIFMs and incoming EEA AIFM branchesUCITS management companiesLloyd'sInsurance Special Purpose Vehicles (ISPVs)DepositariesOPS firmsICVCsService companiesAuthorised professional firmsOperating an electronic system in relation to lendingResearch and inducements for collective portfolio managersRecord keeping: client orders and transactionsPensions supplementary provisions19.119.1A19.1B19.219.319.419.5Pension transfers, conversions, and opt-outsAbridged advice on pension transfers and pension conversionsBan on contingent charging for pension transfers and conversionsPersonal pensions, FSAVCs and AVCsProduct disclosure to members of occupational pension schemesOpen market optionsIndependent governance committees (IGCs) and publication anddisclosure of costs and charges19.6Restriction on charges in qualifying schemes19.6ARestrictions on early exit charges in personal pension schemes andstakeholder pension schemes19.7Retirement risk warnings19.8Disclosure of transaction costs and administration charges in connectionwith workplace pension schemes19.9Pension annuity comparison information19.10Drawdown, investment pathways and cash warnings19 Annex 1 Retirement risk warnings - steps to take19 Annex 2 Communications about options to access pension savings19 Annex 3 Format for annuity information19 Annex 4A Appropriate pension transfer analysis19 Annex 4B Transfer value comparator19 Annex 4C Assumptions19 Annex 5 Format for provision of transfer value comparatorCOBS 2020.120.1A20.220.320.420.5 Release 5With-profitsApplicationThe with-profits fundTreating with-profits policyholders fairlyPrinciples and Practices of Financial ManagementCommunications with with-profits policyholdersWith-profits governance Mar 2021www.handbook.fca.org.ukCOBS–vi
COBS ContentsCOBS 2121.121.221.3COBS 2222.222.322.422.522.6Permitted Links and conditional permitted linksApplicationRules for firms engaged in linked long-term insurance businessFurther rules for firms engaged in linked long-term insurance businessRestrictions on the distribution of certain complex investmentproductsRestrictions on the retail distribution of mutual society sharesRestrictions on the retail distribution of contingent convertibleinstruments and CoCo fundsProhibition on the retail marketing, distribution and sale of derivativecontracts of a binary or other fixed outcomes natureRestrictions on the retail marketing, distribution and sale of contractsfor differences and similar speculative investmentsProhibition on the retail marketing, distribution and sale of cryptoassetderivatives and cryptoasset exchange traded notesTransitional provisions and SchedulesTP 1TP 2Sch 1Sch 2Sch 3Sch 4Sch 5Sch 6COBS–viiTransitional Provisions relating to Client CategorisationOther Transitional ProvisionsRecord keeping requirementsNotification requirementsFees and other required paymentsPowers exercisedRights of action for damagesRules that can be waivedwww.handbook.fca.org.uk Release 5 Mar 2021
Conduct of Business SourcebookChapter 1Application Release 5 Mar 2021www.handbook.fca.org.ukCOBS 1/1
COBS 1 : ApplicationSection 1.1 : General application11.1General applicationDesignated investment business and long-term insurancebusinessin relation to life policies.1.1.1RThis sourcebook applies to a firm with respect to the following activitiescarried on from an establishment maintained by it, or its appointedrepresentative, in the United Kingdom:(1) [deleted](2) designated investment business;(3) long-term insurance business in relation to life policies;and activities connected with them.Deposits(including structured deposits).1.1.1ARThis sourcebook applies to a firm with respect to activities carried on inrelation to deposits from an establishment maintained by it, or its appointedrepresentative, in the United Kingdom only as follows:Section / chapterApplication in relation todeposits(1)Rules in this sourcebookwhich implemented articles24, 25, 26, 28 and 30 of MiFID (and related provisionsof the MiFID Delegated Directive) (see COBS 1.1.1ADG).A MiFID investment firm, a thirdcountry investment firm and aMiFID optional exemption firmwhen selling, or advising a clientin relation to, a structureddeposit.(2)COBS 4.6 (Past, simulatedCommunication or approval of afinancial promotion relating toa structured deposit that is addressed to, or disseminated insuch a way that it is likely to bereceived by, a retail client.past and future performance)(3)COBS 4.7 (Direct offer finan-cial promotions)COBS 1/2www.handbook.fca.org.ukCommunication or approval of afinancial promotion relating toa cash deposit ISA, cash-only lifetime ISA or cash deposit CTFthat is addressed to, or disseminated in such a way that it islikely to be received by, a retailclient. Release 5 Mar 2021
COBS 1 : Application(4)Section 1.1 : General applicationCOBS 4.10 (Systems and con-trols and approving andcommunicating financialpromotions)(5)COBS 13 (Preparing productinformation)(6)COBS 14 (Providing productinformation to clients)(7)COBS 15 (Cancellation)To the extent that other rules inCOBS 4 apply.1Producing a cash-deposit ISA,cash-only lifetime ISA or cash-deposit CTF.Selling, personally recommending or arranging the saleof a cash-deposit ISA, cash-onlylifetime ISA or cash-deposit CTFto a retail client.A cancellable contract betweena consumer and a firm.Structureddeposits: further provisions.1.1.1AARExcept in COBS 6.2B, in the rules referred to in COBS 1.1.1AR(1) (and in anyrelated guidance), references to:(1) investment services and designated investment business includeselling, or advising clients in relation to, structured deposits; and(2) financial instruments and designated investments include structureddeposits.1.1.1ABUKArticle 1(2) of the MiFID Org Regulation specifies how its provisions shouldbe read where they apply to firms selling, or advising on, structured deposits.1(2)References to investment firms shall encompass credit institutionsand references to financial instruments shall encompass structureddeposits in relation to all the requirements (so far as relevant) inChapters II to IV of this Regulation.1.1.1ACRA third country investment firm and a MiFID optional exemption firm mustalso comply with the provisions of the MiFID Org Regulation which relate tothe rules which implemented the articles of MiFID referred to in COBS 1.1.1AR(1), as modified by article 1(2) of the MiFID Org Regulation,when selling, or advising a client in relation to, a structured deposit.1.1.1ADGThe rules which implemented the provisions of MiFID and the MiFIDDelegated Directive referred to in COBS 1.1.1AR(1) can be found in thechapters of COBS in the following table and are followed by a ‘Note:’. Release 5COBS chapterDescriptionCOBS 2Conduct of business obligationsCOBS 3Client categorisationCOBS 4Communicating with clients, including financial promotionsCOBS 6Information about the firm, its services and remunerationCOBS 8AClient agreements Mar 2021www.handbook.fca.org.ukCOBS 1/3
COBS 1 : Application1Section 1.1 : General applicationCOBS 9ASuitability (MiFID provisions)COBS 10AAppropriateness (for non-advised services) (MiFID provisions)COBS 11Dealing and managingCOBS 14Providing product information toclientsCOBS 16AReporting information to clients (MiFID provisions)[Note: article 1(4) of MiFID]Electronicmoney.1.1.1BR COBS 4.4.3 R, COBS 5 (Distance communications), COBS 15.2 (The right tocancel), COBS 15.3 (Exercising a right to cancel), COBS 15.4 (Effects ofcancellation) and COBS 15 Annex 1 (Exemptions from the right to cancel)apply to a firm with respect to the activity of issuing electronic money as setout in those provisions.Applicationto TP firms and Gibraltar-based firms.1.1.1CRIn addition to the application rules in COBS as relevant, TP firms andGibraltar-based firms carrying on business from an establishment in theUnited Kingdom must also comply with the provisions in:(1) COBS 16.6.7AR (drawdown pensions: annual statements) and COBS 16.6.8R to COBS 16.6.13G (income withdrawals – annualstatements);(2) COBS 19.10 (Drawdown, investment pathways and cash warnings).(3) COBS TP 2 paragraphs 2.8G to 2.8J (Other Transitional Provisions)1.1.1DGUnless the contrary intention appears, a reference to Gibraltar-based firm in COBS 1.1.1CR has the same meaning as in the Gibraltar Order.1.1.1CR[deleted]Modificationsto the general application rule.1.1.2RThe application of this sourcebook is modified in COBS 1 Annex 1 accordingto the activities of a firm (Part 1) and its location (Part 2).1.1.3RThe application of this sourcebook is also modified in the chapters to thissourcebook for particular purposes, including those relating to the type offirm, its activities or location, and for purposes relating to connectedactivities.Guidance.1.1.4COBS 1/4GGuidance on the application provisions is in COBS 1 Annex 1 (Part 3).www.handbook.fca.org.uk Release 5 Mar 2021
COBS 1 : Application1.1.5GSection 1.1 : General application PERG 13 contains general guidance on the persons and businesses to which1the UK provisions which implemented MiFID apply.1.1.6G PERG 16 contains general guidance on the businesses to which the UKprovisions which implemented AIFMD apply. FUND 1 contains guidance onthe types of AIFM. Release 5 Mar 2021www.handbook.fca.org.ukCOBS 1/5
COBS 1 : ApplicationSection 1.2 : Markets in FinancialInstruments Directive11.2Markets in Financial InstrumentsDirectiveReferencesin COBS to the MiFID Org Regulation.1.2.1G(1) This sourcebook contains a number of provisions which transposedMiFID. A rule transposed a provision of MiFID if it is followed by a‘Note:’ indicating the article of MiFID or the MiFID DelegatedDirective which it transposed.(2) In order to help firms which are subject to those requirements whichimplemented MiFID to understand the full extent of thoserequirements, this sourcebook also reproduces a number of provisionsof the MiFID Org Regulation, marked with the status letters “UK”.(3) This sourcebook does not reproduce the MiFID Org Regulation in itsentirety. A firm to which provisions of the MiFID Org Regulationapplies should refer to Commission Delegated Regulation (EU) 2017/565 as published in the electronic version of the Official Journal ofthe European Union and as amended by the Markets in FinancialInstruments (Amendment) (EU Exit) Regulations 2018.1.2.2G(1) In some cases, this sourcebo
exemption business and insurance-based investment products 2.3B Inducements and research 2.3C Research and execution services 2.4 Agent as client and reliance on others 2.5 Optional additional products COBS 3 Client categorisation 3.1 Application 3.2 Clients 3.3 General notifications 3.4 Retail clients 3.5 Professional clients 3.6 Eligible counterparties 3.7 Providing clients with a higher .
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