Content Options

View Options

Status: You are viewing the version of the handbook as on 2005-06-30.

COB 11.4 Depositaries

COB 11.4.1R

A depositary when acting as such:

  1. (1)

    must comply with the rules in COB specified in COB 11.4.3 R, as modified;

  2. (2)

    need not comply with any other rule in COB.

COB 11.4.2G

COB 11.4.1 R applies to a trustee firm which is also a depositary. If a trustee firm is not a depositary then COB 11.5 applies instead.

COB 11.4.3R

Rules applicable to depositaries

This table belongs to COB 11.4.1 R

Chapter

Description

Modifications

1

Application and general provisions

'Customer' means 'trustee' or 'trust', as appropriate. COB 1.5 and COB 1.6 do not apply.

2.1 to 2.4

Rules which apply to all firms

COB 2.2.8 R -COB 2.2.20 R do not apply.

For the depositary of a unit trust scheme, 'customer' means 'trustee' or 'trust', as appropriate. For the depositary of an ICVC, 'customer' means the ICVC. For the depositary of any other collective investment scheme, 'customer' means the scheme.

2.5

Exclusion of liability

For the depositary of a unit trust scheme, 'customer' and 'private customer' mean 'trustee' or 'trust', as appropriate. For the depositary of an ICVC, 'customer' means the ICVC. For the depositary of any other collective investment scheme, 'customer' means the scheme.

3

Financial promotion

5.5

Information about the firm

'Customer' and 'private customer' mean 'trustee' or the operator of the collective investment scheme, as appropriate.

7.1

Conflict of interest and material interest

'Customer' and 'private customer' mean 'trustee' or 'trust', as appropriate.

7.13

Personal account dealing

'Client' and 'customer' mean 'collective investment scheme'.1

[deleted] 10

[deleted]

Operators of collective investment schemes

[deleted]

The chapter does not apply to a depositary of an ICVC. It applies to the trustee of a unit trust scheme only where there is no separate operator, or where and to the extent that the separate operator does not take all day-to-day investment decisions in relation to the scheme.

11

Trustee and depositary activities