a firm carrying on MiFID, equivalent third country or optional exemption business; or
a UCITS management company; or
a full-scope UK AIFM; or
a small authorised UK AIFM; or
a residual CIS operator; or
A firm providing execution services must:
identify separate charges for its execution services that only reflect the cost of executing the transaction;
subject each other benefit or service (other than an acceptable minor non-monetary benefit in COBS 2.3A.19R) which it provides to persons listed in COBS 2.3C.1R(1) to (6) to a separately identifiable charge; and
ensure that the supply of, and charges for, other benefits or services under (2) is not influenced or conditioned by levels of payment for execution services.
[Note: article 13(9) of the MiFID Delegated Directive]
Compliance with COBS 2.3C.2R is intended to enable a firm subject to COBS 2.3A.15R and COBS 2.3A.16R to comply with its obligation not to accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.
[Note: recital 26 to the MiFID Delegated Directive]