COBS 18.6 Lloyd's

This section applies to a firm when it carries on Lloyd's market activities.

Only COBS 3 (Client categorisation) and the financial promotion rules apply when a firm is carrying out Lloyd's market activities.

When a firm is carrying on Lloyd's market activities, any reference in COBS to the term:

1. (1)

   designated investment is to be taken to include the following specified investments:

   1. (a)

      the underwriting capacity of a Lloyd's syndicate;

   2. (b)

      membership of a Lloyd's syndicate; and

   3. (c)

      rights to or interests in the specified investments in (a) or (b);

2. (2)

   designated investment business is to be taken to include the following regulated activities:

   1. (a)

      advising on syndicate participation at Lloyd's;

   2. (b)

      managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's; and

   3. (c)

      agreeing to carry on the regulated activities in (a) or (b).