Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COBS 10A.1 Application

1[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation on complex debt instruments and structured deposits, 4 February 2016/ESMA/2015/1787 (EN)3.

Application

COBS 10A.1.1R

This chapter applies to a firm which:2

  1. (1)

    provides investment services in the course of MiFID or equivalent third country business; or2

  2. (2)

    carries on insurance distribution in relation to insurance-based investment product,2

other than when the firm makes2 a personal recommendation or carries2 out portfolio management.

COBS 10A.1.2R

This chapter applies to a firm which assesses appropriateness on behalf of a MiFID investment firm so that the other firm may rely on the assessment under COBS 2.4.4R (Reliance on other investment firms: MiFID and equivalent business).

Effect of provisions marked EU

COBS 10A.1.3R

The effect of GEN 2.2.22AR is that provisions in this chapter marked “UK”3 and including a Note (‘Note:’) referring to the MiFID Org Regulation2 also apply in relation to the equivalent business of a third country investment firm as if they were rules.

COBS 10A.1.4R

2Provisions in this chapter marked “UK”3 and including a Note (‘Note:’) referring to the IDD Regulation apply as if they were rules to firms, to whom the IDD Regulation does not apply, when doing insurance distribution.