Home FCA Handbook COBS COBS 18 COBS 18.3 Corporate finance business
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COBS 18.3 Corporate finance business

Corporate finance business - MiFID business

03/01/2018R

The provisions of COBS in the table do not apply in respect of any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBSDescription
6.1AAdviser charging and remuneration
6.1BRetail investment product provider requirements relating to adviser charging and remuneration
COBS 6.2BDescribing advice services
  
6.4Disclosure of charges, remuneration and commission
9.4Suitability reports
9.6Special rules for providing basic advice on a stakeholder product
  
  
COBS 16.3.7Guidance on contingent liability transaction
16.5Quotations for surrender values
16.6Life insurance contracts - communications to clients
16 Annex 1 R (1) 14Information to be provided in accordance with COBS 16.2.1 R and 16.3
01/10/2018G

The provisions of COBS in the table are unlikely to be relevant to any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBSDescription
5Distance communications, except in relation to distance contracts concluded with consumers
7Insurance distribution
13Preparing product information
14.2Providing product information
15Cancellation, except cancellation and withdrawal rights in relation to distance contracts concluded with consumers
17Claims handling for long-term care insurance
18.1Trustee firms' regime
18.2Energy market activity and oil market activity
18.4Stock lending activity
19Pensions - supplementary provisions
20With-profits

Corporate finance business - non-MiFID business

03/01/2018R

Only the provisions of COBS in the table apply to corporate finance business carried on by a firm which is not MiFID or equivalent third country business or MIFID optional exemption business.

COBSDescription
1Application
2.1.1Acting honestly, fairly and professionally
2.3AInducements
2.4Agent as client and reliance on others
3Client categorisation
4Communication to clients including financial promotions, except COBS 4.5 - COBS 4.11
5.1The information and other requirements of the Distance Marketing Directive, but only in relation to distance contracts concluded with consumers
5.2E-commerce
11.7APersonal account dealing
11A.2Prohibition of future service restrictions
12Investment research and non-independent research
15Cancellation, but only in relation to distance contracts concluded with consumers

Corporate finance business – optionally exempt business

03/01/2018R

Only the provisions of COBS in the table apply to corporate finance business which is MiFID optional exemption business.

COBSDescription
1Application
2.1.1Acting honestly, fairly and professionally
2.2AInformation disclosures before providing services
2.3AInducements
2.4Agent as client and reliance on others
3Client categorisation
4Communication to clients including financial promotions, except COBS 4.5-COBS 4.6 and COBS 4.8 - COBS 4.11
5.1The information and other requirements of the Distance Marketing Directive, but only in relation to distance contracts concluded with consumers
5.2E-commerce
6.1AInformation about the firm, its services and remuneration
6.2BDescribing advice services
8AClient agreements
9ASuitability
11.7APersonal account dealing
12Investment research
14.3.1AInformation about financial instruments
15Cancellation, but only in relation to distance contracts concluded with consumers
16AReporting information to clients
01/11/2007G

COBS 15 (Cancellation) is likely to be of limited application to corporate finance business. Distance contracts concluded with consumers in the course of corporate finance business will be exempt from COBS 15 if the price of the financial service is dependent on fluctuations in the financial market outside the firm's control.