Related provisions for COBS 11.1.7

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COBS 18.5.4RRP
The best execution provisions in COBS 11.2 (Best execution for AIFMs and residual CIS operators) do not apply12 to a small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 of12 a fund6 whose fund6 documents include a statement that best execution does not apply in relation to the fund6 and in which:6666(1) no investor6 is a retail client; or6(2) no current investor in the fund6 was a retail client when it invested in the fund.666
COBS 18.5.7GRP
The fund documents of an unauthorised fund managed by a small authorised UK AIFM or a residual CIS operator (if those fund documents6 exist) should make it clear that if an investor6 is reclassified as a retail client, this reclassification will not affect certain activities of the firm6. In particular, despite such a reclassification, the firm6 will not be required to comply with the best execution provisions. It should be noted that there is no requirement that fund6 documents
COBS 18.5.8RRP
Where the fund is an unauthorised fund managed by a small authorised UK AIFM or a residual CIS operator6 and no current investor6 in the fund6 was a retail client when it invested in the fund6, the fund6 documents must include a statement that:66666(1) explains that if an investor6 is reclassified as a retail client subsequent to investing in the fund6, then the firm6 may continue to treat all investors in the fund6 as though they were not retail clients; 6666(2) explains that