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Status: You are viewing the version of the handbook as on 2012-12-13.

COBS 12.1 Purpose and application


COBS 12.1.1GRP

1The purpose of this chapter is to:2

  1. (1)

    2set out specific requirements 2relating to the production and dissemination of investment research and non-independent research; and

  2. (2)

    implementing the provisions of 2the Market Abuse Directive relating to the disclosures to be made in, and about, research recommendations

Application: Who?

COBS 12.1.2RRP

This chapter applies 2to a firm.2

  1. (1)


  2. (2)


Application: Where?

COBS 12.1.3GRP

The EEA territorial scope rule modifies the general rule of application to the extent necessary to be compatible with European law (see paragraph 1.1 of Part 2 of COBS 1 Annex 1). This means that COBS 12.2 and COBS 12.3.4 G also apply to passported activities carried on by a UK MiFID investment firm from a branch in another EEA state, but do not apply to the United Kingdom branch of an EEA MiFID investment firm in relation to its MiFID business.