Only the COBS provisions in the table apply to a depositary when acting as such, when carrying on business which is not MiFID or equivalent third country business:
| COBS | Description |
|---|---|
| 2.1 | Acting honestly, fairly and professionally |
| 2.3 | Inducements, except COBS 2.3.1 R (2)(b) and COBS 2.3.2 R |
| 4 | Communication to clients including financial promotions, but only in relation to communicating or approving a financial promotion |
| 11.7 | Personal account dealing |