Content Options

COBS 11.1 Application

General application

COBS 11.1.1RRP

1This chapter3 applies 3to a firm.3

  1. (1)

    [deleted]3

  2. (2)

    [deleted]3

COBS 11.1.2RRP

In this chapter, provisions marked "EU" apply to a firm which is not a MiFID investment firm3 as if they were rules.

Application to section on the use of dealing commission2

COBS 11.1.3RRP

2The section on the use of dealing commission applies to a firm that acts as an investment manager.

Application of section on personal account dealing

COBS 11.1.4RRP

The section on personal account dealing applies to the designated investment business of a firm in relation to activities carried on from an establishment in the United Kingdom.

COBS 11.1.5GRP

The EEA territorial scope rule modifies the default territorial scope of the section on personal account dealing (see COBS 11.7) to the extent necessary to be compatible with European law (see paragraph 1.1G5 of Part 3 of COBS 1 Annex 1). This means that the section on personal account dealing also applies to passported activities carried on by a UK MiFID investment firm or a UK UCITS management company5 from a branch in another EEA state, but does not apply to the UK branch of an EEA MiFID investment firm in relation to its MiFID business or of an EEA UCITS management company in relation to activities it is entitled to carry on in the United Kingdom under the UCITS Directive.5

5

Disapplication of best execution for non-financial spreads

COBS 11.1.6RRP

3The section on best execution (COBS 11.2) does not apply to a firm when:

  1. (1)

    executing orders: or

  2. (2)

    placing orders with other entities for execution: or

  3. (3)

    transmitting orders to other entities for execution;

in relation to a spread-bet which is not a financial instrument, where the firm has not made a personal recommendation in relation to that spread-bet.

Disapplication of best execution to CIS operators purchasing or selling own units4

COBS 11.1.7RRP

4The section on best execution (COBS 11.2) does not apply to a firm when, acting in the capacity of operator of a regulated collective investment scheme, it purchases or sells units in that scheme.