COBS 4.3 Financial promotions to be identifiable as such

(1)

 A firm must ensure that a financial promotion addressed to a client is clearly identifiable as such.

[Note: article 24(3) of MiFID, article 17(2) of the IDD and article 77 of the UCITS Directive]

(2)

 If a financial promotion relates to a firm's MiFID, equivalent third country or optional exemption business, this rule does not apply to the extent that the financial promotion is a third party prospectus.

(3)

 If a financial promotion relates to a firm's business that is not MiFID or equivalent third country business, this rule applies to communicating or approving the 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 an advertisement to which MAR 5-A.5 or PRM 12 applies;

3. (c)

    if it is image advertising;

4. (d)

    if it is a non-retail communication;

5. (e)

    [deleted]

(4)

 In the case of a marketing communication that relates to:

1. (a)

    a UCITS scheme, or

2. (b)

    insurance distribution,

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