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BCOBS 1 Annex 1 Structured deposit business

1Application of BCOBS to firms selling structured deposits



The BCOBS provisions shown below do not apply to a MiFID investment firm, a third country investment firm or a MiFID optional exemption firm in relation to the sale of structured deposits subject to the rules specified in COBS 1.1.1AR(2).

BCOBS provision



Communications with banking customers and financial promotions

BCOBS 4 (other than BCOBS 4.1.4AG and BCOBS 4.3)

Information to be communicated to banking customers



A firm to which BCOBS 1 Annex 1 paragraph 1.1R applies should read and understand the reference to the appropriate information rule in BCOBS 4.1.4AG as referring to COBS 2.2A.2R.



A MiFID investment firm, a third country investment firm or a MiFID optional exemption firm that sells structured deposits should consider COBS 1.1.1AR to COBS 1.1.1ABR. These rules specify how certain provisions in COBS apply to a firm in relation to the sale of structured deposits.

Financial promotions relating to structured deposits



(1) BCOBS 2 contains rules which apply to a firm when it communicates a financial promotion that is not an excluded communication or when the firm approves a financial promotion.

(2) If a financial promotion relates to a structured deposit, rules relating to past, simulated past and future performance in COBS 4.5A or COBS 4.6 will also apply.

Structured deposits as PRIIPs



Firms are reminded that structured deposits are PRIIPs and that the provisions of the PRIIPs Regulation are also relevant to such products. The PRIIPs Regulation requires a person who advises on, or sells, a PRIIP to provide a retail investor (as defined in the PRIIPs Regulation) with the key information document for that PRIIP.



Where a firm is required to provide information in a key information document, it will not be required to provide the same information under BCOBS 4.1.

[Note: BCOBS 1.1.4R(3) and article 13 of the PRIIPs Regulation]