UK · FCA Handbook sourcebook
COBSCOBS Conduct of Business Sourcebook
Read the official text on the FCA Handbook(opens in a new tab)Only the provisions of COBS that are linked to MiFID II or MiFIR material are listed here. The full sourcebook is on the FCA Handbook site.
Linked provisions
- COBS 1.1.-1G Introduction
- COBS 1.1.1R General application rule
- COBS 1.1.1AR Deposits (including structured deposits)
- COBS 1.1.1AER Structured deposits: further provisions
- COBS 1.1.1AFG Structured deposits: further provisions
- COBS 1.1.1CR Application to TP firms and Gibraltar-based firms
- COBS 1.1.1DG Application to TP firms and Gibraltar-based firms
- COBS 1.1.7R Actions for damages
- COBS 1.4.1G Purpose
- COBS 1.4.2G In good time
- COBS 1 Annex 1
- COBS 1 Annex 2
- COBS 2.1.1R The client's best interests rule
- COBS 2.1.1AR Business with eligible counterparties
- COBS 2.2.-1R Application
- COBS 2.2A.1AG Application
- COBS 2.2A.2R Information disclosure in good time
- COBS 2.2A.3R Information disclosure in good time
- COBS 2.2A.6G Record-keeping
- COBS 2.2A.7R Record-keeping
- COBS 2.3A.5R Rules on inducements
- COBS 2.3A.6R Rules on inducements
- COBS 2.3A.8R Fees, commissions or non-monetary benefits which are designed to enhance the quality of a service
- COBS 2.3A.9R Fees, commissions or non-monetary benefits which are designed to enhance the quality of a service
- COBS 2.3A.10R Disclosure of payments or benefits received from, or paid to, third parties
- COBS 2.3A.11R Disclosure of payments or benefits received from, or paid to, third parties
- COBS 2.3A.12R Disclosure of payments or benefits received from, or paid to, third parties
- COBS 2.3A.13R Disclosure of payments or benefits received from, or paid to, third parties
- COBS 2.3A.14R Disclosure of payments or benefits received from, or paid to, third parties
- COBS 2.3A.15R Inducements relating to the provision of independent advice, restricted advice and portfolio management services to retail clients in the United Kingdom
- COBS 2.3A.16R Inducements relating to the provision of independent advice and portfolio management services to retail clients outside the United Kingdom or to professional clients
- COBS 2.3A.18G Fees, commission, and non-monetary benefits paid or provided by a person on behalf of the client
- COBS 2.3A.19R Acceptable minor non-monetary benefits
- COBS 2.3A.20G Acceptable minor non-monetary benefits
- COBS 2.3A.21G Acceptable minor non-monetary benefits
- COBS 2.3A.22G Acceptable minor non-monetary benefits
- COBS 2.3A.30G Guidance on inducements
- COBS 2.3A.32R Record keeping: inducements
- COBS 2.3A.33G Record keeping: inducements
- COBS 2.3A.34AR
- COBS 2.3B.3R Receiving third party research without it constituting an inducement
- COBS 2.3B.4R Conditions relating to the operation of the research payment account
- COBS 2.3B.5R Conditions relating to the operation of the research payment account
- COBS 2.3B.7R Conditions relating to the operation of the research payment account
- COBS 2.3B.8R Conditions relating to the operation of the research payment account
- COBS 2.3B.11R Governance and oversight of research payment accounts
- COBS 2.3B.12R Governance and oversight of research payment accounts
- COBS 2.3B.13G Governance and oversight of research payment accounts
- COBS 2.3B.16R Other operational arrangements for research payment accounts
- COBS 2.3B.17G Other operational arrangements for research payment accounts
- COBS 2.3B.18R Other operational arrangements for research payment accounts
- COBS 2.3B.20R Disclosure on request of payments made from a research payment account
- COBS 2.3C.2R Requirement on a firm that executes orders and provides research to price and supply services separately
- COBS 2.3C.4G Requirement on a firm that executes orders and provides research to price and supply services separately
- COBS 2.4.4R Reliance on other investment firms: MiFID and equivalent business
- COBS 3.1.4R Mixed business
- COBS 3.2.1R General definition
- COBS 3.3.1AR
- COBS 3.3.1BR
- COBS 3.4.1R
- COBS 3.5.1R
- COBS 3.5.2R Per se professional clients
- COBS 3.5.3R Elective professional clients
- COBS 3.5.4R Elective professional clients
- COBS 3.5.5G Elective professional clients
- COBS 3.5.6R Elective professional clients
- COBS 3.5.7G Elective professional clients
- COBS 3.5.8G Elective professional clients
- COBS 3.5.9R Elective professional clients
- COBS 3.6.1R
- COBS 3.6.2R Per se eligible counterparties
- COBS 3.6.4R Elective eligible counterparties
- COBS 3.6.4AR Elective eligible counterparties
- COBS 3.6.4BR Elective eligible counterparties
- COBS 3.6.6R Elective eligible counterparties
- COBS 3.7.1R
- COBS 3.7.2G
- COBS 3.7.3AR
- COBS 3.7.3BR
- COBS 3.7.5R
- COBS 3.7.7G
- COBS 3.8.1R Policies and procedures
- COBS 3.8.2R Records
- COBS 4.1.4G
- COBS 4.1.7G
- COBS 4.2.1R The fair, clear and not misleading rule
- COBS 4.2.2G The fair, clear and not misleading rule
- COBS 4.3.1R
- COBS 4.5A.1R Application
- COBS 4.5A.3R General requirements
- COBS 4.5A.7R Comparative information
- COBS 4.5A.8R Referring to tax
- COBS 4.5A.9R Consistent financial promotions
- COBS 4.5A.10R Past performance
- COBS 4.5A.11G Past performance
- COBS 4.5A.12R Simulated past performance
- COBS 4.5A.14R Future performance
- COBS 4.5A.15G Future performance
- COBS 4.5A.16R Information that uses the name of the FCA or PRA
- COBS 4.7.-2R
- COBS 4.7.-1G Application
- COBS 4.7.-1AR Direct offer financial promotions relating to MiFID, equivalent third country or optional exemption business
- COBS 4.7.1R Other direct offer financial promotions
- COBS 4.11A.1R
- COBS 4.11A.2G
- COBS 4.11A.3R
- COBS 4.12B.1R Application
- COBS 6.1A.5BG Acceptable minor non-monetary benefits
- COBS 6.1ZA.2AG Application
- COBS 6.1ZA.2BR Application to insurance distribution activities
- COBS 6.1ZA.2CG Application to insurance distribution activities
- COBS 6.1ZA.5R Information about a firm and its services: MiFID business
- COBS 6.1ZA.8R Information about a firm’s portfolio management service: MiFID business
- COBS 6.1ZA.9R Information concerning safeguarding of designated investments belonging to clients and client money: MiFID business
- COBS 6.1ZA.10AR Information concerning safeguarding of client money: insurance distribution
- COBS 6.1ZA.11R Information about costs and associated charges: MiFID and insurance distribution
- COBS 6.1ZA.12R Information about costs and associated charges: MiFID and insurance distribution
- COBS 6.1ZA.13R Information about costs and associated charges: MiFID and insurance distribution
- COBS 6.1ZA.16R Information about costs and charges of different services or products: MiFID business
- COBS 6.1ZA.17R Timing of disclosure: MiFID business
- COBS 6.1ZA.19R Medium of disclosure: MiFID business
- COBS 6.1ZA.20R Keeping the client up to date: MiFID business
- COBS 6.1ZA.21G Existing clients: MiFID business
- COBS 6.1ZA.24G Record keeping: information about the firm and compensation information for MiFID business and insurance distribution
- COBS 6.1ZA.25R Record keeping: information about the firm and compensation information for MiFID business and insurance distribution
- COBS 6.2B.4AG Application
- COBS 6.2B.5G Introduction
- COBS 6.2B.6R Interpretation of rules and guidance: relevant products
- COBS 6.2B.7R Interpretation of the relevant rules: MiFID business
- COBS 6.2B.8G Interpretation of the relevant rules: MiFID business
- COBS 6.2B.9R Interpretation of the relevant rules: non-MiFID business
- COBS 6.2B.11R Firms holding themselves out as independent
- COBS 6.2B.14G Requirements for firms providing focused independent advice
- COBS 6.2B.15R Requirements for firms providing focused independent advice
- COBS 6.2B.16G Requirements for firms providing focused independent advice
- COBS 6.2B.17G Sufficient range
- COBS 6.2B.18R Sufficient range
- COBS 6.2B.19G Sufficient range
- COBS 6.2B.22G Guidance on the independence standard
- COBS 6.2B.29R Requirements for firms providing both independent and restricted advice
- COBS 6.2B.32R Requirements for firms providing both independent and restricted advice
- COBS 6.2B.33R Disclosing the nature of advice provided
- COBS 6.2B.34R Disclosing the nature of advice provided
- COBS 6.2B.35R Disclosing the nature of advice provided
- COBS 6.2B.36R Disclosing the nature of advice provided
- COBS 6.2B.40AG Record keeping
- COBS 6.2B.40BR Record keeping
- COBS 6 Annex 7
- COBS 8A.1.3G Application and purpose provisions
- COBS 8A.1.3AG Application and purpose provisions
- COBS 8A.1.4R Providing a client agreement: retail and professional clients
- COBS 8A.1.5R General requirement for information to clients
- COBS 8A.1.7R General requirement for information to clients
- COBS 8A.1.8G Avoiding duplicate information
- COBS 8A.1.9R Record keeping: client agreements
- COBS 8A.1.10R Record keeping: client agreements
- COBS 8A.1.11R Record keeping: client agreements
- COBS 9A.1.5R Application to investment advice in relation to insurance-based investment products
- COBS 9A.1.6G Application to investment advice in relation to insurance-based investment products
- COBS 9A.2.1R
- COBS 9A.2.2G
- COBS 9A.2.3G
- COBS 9A.2.4R Assessing the extent of the information required: MiFID business
- COBS 9A.2.5R Professional clients: MiFID business
- COBS 9A.2.6R Obtaining information about knowledge and experience: MiFID business
- COBS 9A.2.7R Obtaining information about a client’s financial situation: MiFID business
- COBS 9A.2.8R Obtaining information about a client’s investment objectives: MiFID business
- COBS 9A.2.9R Reliability of information: MiFID business
- COBS 9A.2.10R Maintaining adequate and up-to-date information: MiFID business
- COBS 9A.2.11R Discouraging the provision of information: MiFID business
- COBS 9A.2.12R Reliance on information: MiFID business
- COBS 9A.2.13R Insufficient information: MiFID business
- COBS 9A.2.15R Identifying the subject of a suitability assessment: MiFID business
- COBS 9A.2.16R Bundled packages: MiFID business and insurance-based investment products
- COBS 9A.2.18R Switching: MiFID business
- COBS 9A.2.19R Adequate policies and procedures: MiFID business
- COBS 9A.2.20R Unsuitability: MiFID business
- COBS 9A.2.21G Guidance on assessing suitability: MiFID business and insurance-based investment products
- COBS 9A.2.23R Automated or semi-automated systems: MiFID business
- COBS 9A.3.1R Explaining the reasons for assessing suitability: MiFID business
- COBS 9A.3.2R Suitability reports: MiFID business and insurance-based investment products
- COBS 9A.3.3R Providing a suitability report: MiFID business
- COBS 9A.3.5G Guidance on suitability reports
- COBS 9A.3.5AG Guidance on suitability reports
- COBS 9A.3.6R Periodic assessments: MiFID business and insurance-based investment products
- COBS 9A.3.8R Periodic assessments: MiFID business
- COBS 9A.3.9R Periodic assessments: MiFID business
- COBS 9A.4.2G Record keeping: MiFID business and insurance-based investment products
- COBS 9A.4.2AR Record keeping: MiFID business
- COBS 10.1.2R
- COBS 10A.1.5R Application to services in relation to insurance-based investment products
- COBS 10A.1.6G Application to services in relation to insurance-based investment products
- COBS 10A.2.1R
- COBS 10A.2.2R Bundled packages: MiFID business and insurance-based investment products
- COBS 10A.2.3R Assessing a client’s knowledge and experience: MiFID business
- COBS 10A.2.4R Information regarding a client’s knowledge and experience: MiFID business
- COBS 10A.2.5R Discouraging the provision of information: MiFID business
- COBS 10A.2.6R Reliance on information: MiFID business
- COBS 10A.2.8G Knowledge and experience: MiFID business and insurance-based investment products
- COBS 10A.2.9G Knowledge and experience: MiFID business and insurance-based investment products
- COBS 10A.3.1R
- COBS 10A.3.2R
- COBS 10A.4.1R
- COBS 10A.4.2R Other non-complex financial instruments
- COBS 10A.5.1G The initiative of the client: MiFID business and insurance-based investment products
- COBS 10A.5.2G The initiative of the client: MiFID business and insurance-based investment products
- COBS 10A.7.2R Record keeping: MiFID business
- COBS 11.1.2AG General application
- COBS 11.1.4R Application of section on personal account dealing
- COBS 11.2A.1R
- COBS 11.2A.2R Obligation to execute orders on terms most favourable to the client
- COBS 11.2A.3G Application of best execution obligation
- COBS 11.2A.4G Application of best execution obligation
- COBS 11.2A.5G Application of best execution obligation
- COBS 11.2A.6G Application of best execution obligation
- COBS 11.2A.7G Application of best execution obligation
- COBS 11.2A.8R Best execution criteria
- COBS 11.2A.9R Role of price
- COBS 11.2A.10G Role of price
- COBS 11.2A.11G Role of price
- COBS 11.2A.12R Following specific instructions from a client
- COBS 11.2A.13G Following specific instructions from a client
- COBS 11.2A.14G Following specific instructions from a client
- COBS 11.2A.15R Delivering best execution where there are competing execution venues
- COBS 11.2A.16G Delivering best execution where there are competing execution venues
- COBS 11.2A.17G Delivering best execution where there are competing execution venues
- COBS 11.2A.18G Delivering best execution where there are competing execution venues
- COBS 11.2A.19R Delivering best execution where there are competing execution venues
- COBS 11.2A.20R Requirement for order execution arrangements including an order execution policy
- COBS 11.2A.21R Requirement for order execution arrangements including an order execution policy
- COBS 11.2A.22R Requirement for order execution arrangements including an order execution policy
- COBS 11.2A.23R Requirement for order execution arrangements including an order execution policy
- COBS 11.2A.24R Requirement for order execution arrangements including an order execution policy
- COBS 11.2A.25R Execution policies
- COBS 11.2A.26G Execution policies
- COBS 11.2A.27G Execution policies
- COBS 11.2A.29G Execution policies
- COBS 11.2A.30G Execution policies
- COBS 11.2A.31R Execution policies
- COBS 11.2A.32R Execution policies
- COBS 11.2A.33G Execution policies
- COBS 11.2A.34R Duty of portfolio managers, receivers and transmitters to act in client’s best interest
- COBS 11.2A.35G Duty of portfolio managers, receivers and transmitters to act in client’s best interest
- COBS 11.2A.36G Duty of portfolio managers, receivers and transmitters to act in client’s best interest
- COBS 11.2A.37R Providing information to clients on order execution
- COBS 11.3.1R General principles
- COBS 11.3.1AR General principles
- COBS 11.3.2AR Carrying out client orders
- COBS 11.3.3G Carrying out client orders
- COBS 11.3.4AR Settlement of executed orders
- COBS 11.3.5AR Use of information relating to pending client orders
- COBS 11.3.6G Use of information relating to pending client orders
- COBS 11.3.7AR Aggregation and allocation of orders
- COBS 11.3.7BR Aggregation and allocation of orders
- COBS 11.3.8AR Partial execution of aggregated client orders
- COBS 11.3.9AR Aggregation and allocation of transactions for own account
- COBS 11.3.10AR Aggregation and allocation of transactions for own account
- COBS 11.3.11AR Aggregation and allocation of transactions for own account
- COBS 11.3.12G Aggregation and allocation of transactions for own account
- COBS 11.3.14G Transposition of client order handling provisions in the UCITS Implementing Directive
- COBS 11.3.15R Transposition of client order handling provisions in the UCITS Implementing Directive
- COBS 11.4.1R Obligation to make unexecuted client limit orders public
- COBS 11.4.2G Obligation to make unexecuted client limit orders public
- COBS 11.4.3AR How client limit orders may be made public
- COBS 11.4.4AG How client limit orders may be made public
- COBS 11.4.5R Orders that are large in scale
- COBS 11.5A.1R
- COBS 11.5A.2R Recording initial orders received from clients
- COBS 11.5A.3R Record keeping in relation to transactions and order processing
- COBS 11.5A.4R Minimum details to be recorded in relation to client orders and decisions to deal
- COBS 11.5A.5R Minimum details to be recorded in relation to transactions and order processing
- COBS 11.7.2R Rule on personal account dealing
- COBS 11.7A.2R Application
- COBS 11.7A.3R Application
- COBS 11.7A.5R Requirements relating to personal transactions
- COBS 11.7A.6R Requirements relating to personal transactions
- COBS 11A.1.1R General application
- COBS 11A.1.2R Requirements to provide specific information to issuer clients
- COBS 11A.1.3R Requirements to identify underwriting and placing operations and to ensure that adequate controls are in place to manage conflicts of interest
- COBS 11A.1.4R Additional requirements: pricings of offerings in relation to the issuance of financial instruments
- COBS 11A.1.5R Further requirements concerning the provision of information
- COBS 11A.1.6R Further requirements concerning the provision of information
- COBS 11A.1.7R Further requirements concerning the provision of information
- COBS 11A.1.8R Further requirements in relation to lending on provision of credit in the context of underwriting or placement
- COBS 11A.1.9R Record keeping requirements in relation to underwriting or placing
- COBS 12.2.14R Application
- COBS 12.2.14AG Application
- COBS 12.2.18R Non-independent research - identification
- COBS 12.2.18AR Non-independent research – conflicts of interest
- COBS 12.2.18BG Non-independent research – conflicts of interest
- COBS 12.2.19R Investment research – conflicts of interest
- COBS 12.2.19AG Investment research – conflicts of interest
- COBS 12.2.21R Measures and arrangements required for investment research
- COBS 12.2.21BG
- COBS 12.2.21CG
- COBS 12.2.25R
- COBS 13.2.1G
- COBS 13.4.5G Exceptions
- COBS 13.5.2BG Projections: other situations
- COBS 13.5.3R Exceptions to the projection rules: projections for more than one product
- COBS 13.5.4G Exceptions to the projection rules: projections for more than one product
- COBS 14.3.1R Application
- COBS 14.3.1AG
- COBS 14.3A.1AG Application
- COBS 14.3A.3R Providing a description of the nature and risks of financial instruments
- COBS 14.3A.5R Providing a description of the nature and risks of financial instruments
- COBS 14.3A.5AR Providing a description of the nature and risks of financial instruments
- COBS 14.3A.5BR Providing a description of the nature and risks of financial instruments
- COBS 14.3A.5CR Providing a description of the nature and risks of financial instruments
- COBS 14.3A.6G Satisfying the provision rules
- COBS 14.3A.7R Timing of disclosure
- COBS 14.3A.9R Medium of disclosure
- COBS 14.3A.10R Keeping the client up-to-date
- COBS 14.3A.12G Record keeping
- COBS 14.3A.13R Record keeping
- COBS 14 Annex 1
- COBS 16A.1.4R Application to activities in relation to insurance-based investment products
- COBS 16A.1.5G Application to activities in relation to insurance-based investment products
- COBS 16A.2.1R
- COBS 16A.2.3G
- COBS 16A.2.4R
- COBS 16A.3.1R Execution of orders other than when undertaking portfolio management
- COBS 16A.4.1R Provision by a firm and contents: MiFID business
- COBS 16A.4.2G Provision by a firm and contents: MiFID business
- COBS 16A.4.4G Guidance on contingent liability transactions
- COBS 16A.5.1R
- COBS 18.8A.2R Interpretation and general modifications
- COBS 18.8A.15R Modification of best execution rules
- COBS 18.8A.16R Client order handling
- COBS Sch 1.1G
- COBS Sch 1.2AG
- COBS Sch 1.3G
- COBS Sch 5.2G
- COBS Sch 5.4G
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