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Timeline guidance

COBS 4.3 Financial promotions to be identifiable as such


  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.

  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)


  4. (4)

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

    1. (a)

      a UCITS scheme6, or

    2. (b)

      insurance distribution,5

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