Home FCA Handbook COBS COBS 10 COBS 10.1 Application
You are viewing COBS 10.1 Application as of . COBS 10.1 Application was last updated on 06/04/2026.

COBS 10.1 Application

06/04/2026R
  1. (1) This chapter applies to a firm which:
    1. (a) arranges or deals in relation to a:
      1. (i) non-readily realisable security;
      2. (ii) speculative illiquid security;
      3. (iii) derivative;
      4. (iv) warrant;
      5. (v) unit in a long-term asset fund; or
      6. (vi) a UK RIE cryptoasset exchange traded note,
    2. with or for a retail client, other than in the course of MiFID or equivalent third country business;
    3. (b) facilitates a retail client becoming a lender under a P2P agreement;
    4. (c) issues a unit in a long-term asset fund to a retail client; or
    5. (d) transacts in a qualifying cryptoasset with or for a retail client,
    6. and the firm is aware, or ought reasonably to be aware, that the application or order is in response to a direct offer financial promotion.
  2. (2) [deleted]
  3. (3)
    1. (a) This chapter also applies to a registered person which transacts in qualifying cryptoassets with or for a retail client where the registered person is aware, or ought reasonably to be aware, that the application or order is in response to a direct offer financial promotion, as it applies to an authorised person.
    2. (b) For the purpose of (3)(a), in this chapter, relevant references to a firm include reference to a registered person.
  4. (4) This chapter does not apply to a firm that makes a personal recommendation or provides targeted support in relation to the relevant investment.

Related rules

03/01/2018G

A firm that is carrying on a regulated activity on a non-advised basis, whether or not the rules in this chapter apply to its activities, should also consider whether other rules in COBS apply.