Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COBS 4.3 Financial promotions to be identifiable as such

COBS 4.3.1RRP

  1. (1)

    A firm must ensure that a financial promotion addressed to a client is clearly identifiable as such.

    [Note: article 24(3)4 of MiFID, article 17(2) of the IDD5 and article 77 of the UCITS Directive]3

  2. (2)

    If2 a financial promotion relates to a2 firm's MiFID, equivalent third country or optional exemption business4, this rule does not apply to the extent that the2 financial promotion is a third party prospectus.

    2
  3. (3)

    If2 a financial promotion relates2 to a 2 firm's business that is not 2MiFID or equivalent third country business, this rule applies to communicating or approving the2 financial promotion but does not apply:

    1. (a)

      to the extent that it is an excluded communication;

    2. (b)

      to the extent that it is a prospectus advertisement to which article 22 of the Prospectus Regulation7 applies;

    3. (c)

      if it is image advertising;

    4. (d)

      if it is a non-retail communication;

    5. (e)

      [deleted]5

      1
  4. (4)

    In the case of a marketing communication that relates to:5

    1. (a)

      a UCITS scheme6, or

      5
    2. (b)

      insurance distribution,5

    (2) and (3) do not limit the application of this rule.3