COBS 12.1 Purpose and application
Purpose
1The purpose of this chapter is to:2
-
(1)
2set out specific requirements 2relating to the production and dissemination of investment research and non-independent research; and
-
(2)
implementing the provisions of 2the Market Abuse Directive relating to the disclosures to be made in, and about, research recommendations
Application: Who?
Application: Where?
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 UKMiFID investment firm from a branch in another EEA state, but do not apply to the United Kingdombranch of an EEAMiFID investment firm in relation to its MiFID business.