COBS 18.3 Corporate finance business

Corporate finance business - MiFID business

COBS 18.3.1RRP

The provisions of COBS in the table do not apply in respect of any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

36.1A

Adviser charging and remuneration

36.1B

Retail investment product provider requirements relating to adviser charging and remuneration

COBS 6.2B6

3

Describing advice services

4

4

6.4

Disclosure of charges, remuneration and commission

9.4

Suitability reports

9.6

Special rules for providing basic advice on a stakeholder product

6

6

6

2

6

COBS 16.3.76

Guidance on contingent liability transaction

16.5

Quotations for surrender values

16.6

Life insurance contracts - communications to clients

16 Annex 1 R (1) 14

Information to be provided in accordance with COBS 16.2.1 R and 16.3

COBS 18.3.2GRP

The provisions of COBS in the table are unlikely to be relevant to any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

5

Distance communications, except in relation to distance contracts concluded with consumers

7

Insurance distribution8

13

Preparing product information

14.2

Providing product information

15

Cancellation, except cancellation and withdrawal rights in relation to distance contracts concluded with consumers

17

Claims handling for long-term care insurance

18.1

Trustee firms' regime

18.2

Energy market activity and oil market activity

18.4

Stock lending activity

19

Pensions - supplementary provisions

20

With-profits

Corporate finance business - non-MiFID business1

COBS 18.3.3RRP

1Only the provisions of COBS in the table apply to corporate finance business carried on by a firm which is not MiFID or equivalent third country business or MIFID optional exemption business7.

COBS

Description

1

Application

2.1.1

Acting honestly, fairly and professionally

COBS 2.3A6

Inducements

2.4

Agent as client and reliance on others

3

Client categorisation

4

Communication to clients including financial promotions, except COBS 4.5 - COBS 4.111

5.1

The information and other requirements of the Distance Marketing Directive, but only in relation to distance contracts concluded with consumers

5.2

E-commerce

COBS 11.7A6

Personal account dealing

511A.2

Prohibition of future service restrictions

12

Investment research and non-independent research6

15

Cancellation, but only in relation to distance contracts concluded with consumers

Corporate finance business – optionally exempt business

COBS 18.3.3AR

6Only the provisions of COBS in the table apply to corporate finance business which is MiFID optional exemption business.

COBS

Description

1

Application

2.1.1

Acting honestly, fairly and professionally

2.2A

Information disclosures before providing services

2.3A

Inducements

2.4

Agent as client and reliance on others

3

Client categorisation

4

Communication to clients including financial promotions, except COBS 4.5-COBS 4.6 and COBS 4.8 - COBS 4.11

5.1

The information and other requirements of the Distance Marketing Directive, but only in relation to distance contracts concluded with consumers

5.2

E-commerce

6.1A

Information about the firm, its services and remuneration

6.2B

Describing advice services

8A

Client agreements

9A

Suitability

11.7A

Personal account dealing

12

Investment research

14.3.1A

Information about financial instruments

15

Cancellation, but only in relation to distance contracts concluded with consumers

16A

Reporting information to clients

COBS 18.3.4GRP

COBS 15 (Cancellation) is likely to be of limited application to corporate finance business. Distance contracts concluded with consumers in the course of corporate finance business will be exempt from COBS 15 if the price of the financial service is dependent on fluctuations in the financial market outside the firm's control.