COBS 12.1 Purpose and application

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

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.