Related provisions for COBS 12.3.1
1 - 2 of 2 items.
This section applies to a firm which produces, or arranges for the production of, investment research that is intended or likely to be subsequently disseminated to clients of the firm or to the public, under its own responsibility or that of a member of its group. [Note: article 25(1) of the MiFID implementing Directive]
A firm must ensure the implementation of all of the measures for managing conflicts of interest in SYSC 10.1.11 R in relation to the financial analysts involved in the production of investment research and other relevant persons whose responsibilities or business interests may conflict with the interests of the persons to whom investment research is disseminated. [Note: article 25 (1) of the MiFID implementing Directive]
Persons whose responsibilities or business interests may reasonably be considered to conflict with the interests of the persons to whom investment research is disseminated include corporate finance personnel and persons involved in sales and trading on behalf of clients or the firm. [Note: recital 30 of the MiFID implementing Directive]
A firm must have in place arrangements designed to ensure that the following conditions are satisfied:(1) if a financial analyst or other relevant person has knowledge of the likely timing or content of investment research which is not publicly available or available to clients and cannot readily be inferred from information that is so available, that financial analyst or other relevant person must not undertake personal transactions or trade on behalf of any other person, including
For the purposes of COBS 12.2.5 R (2):(1) current recommendations should be considered to be those recommendations contained in investment research which have not been withdrawn and which have not lapsed; and[Note: recital 34 of the MiFID implementing Directive](2) exceptional circumstances in which financial analysts and other relevant persons may, with prior written approval, undertake personal transactions in financial instruments to which investment research relates should
A financial analyst should not become involved in activities other than the preparation of investment research where such involvement is inconsistent with the maintenance of the financial analysts objectivity. The following should ordinarily be considered as inconsistent with the maintenance of a financial analyst's objectivity:(1) participating in investment banking activities such as corporate finance business and underwriting; or(2) participating in 'pitches' for new business
A firm which disseminates investment research produced by another person to the public or to clients is exempt from complying with the requirements in COBS 12.2.3 R and COBS 12.2.5 R if the following criteria are met:(1) the person that produces the investment research is not a member of the group to which the firm belongs;(2) the firm does not substantially alter the recommendations within the investment research;(3) the firm does not present the investment research as having
A firm which produces or disseminates non-independent research must ensure that it:(1) is clearly identified as a marketing communication; and(2) contains a clear and prominent statement that (or, in the case of an oral recommendation, to the effect that) it:(a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and(b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.