What are the COBS rules?

Rules of the Financial Conduct Authority (FCA) for regulating the conduct of the business of authorised persons carrying on designated investment business. COBS forms part of the FCA Handbook and came into force on 1 November 2007.

Who do COBS rules apply to?

The FCA’s Conduct of Business Sourcebook (COBS) applies to firms conducting the following activities from an establishment, or through an appointed representative, in the United Kingdom: (1) selling activities relating to long-term insurance, (2) designated investment business, or (3) any activities connected to them.

What does cobs apply to?

An overview of the FCA’s Conduct of Business sourcebook (COBS), which applies to firms authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA) that carry on designated investment business.

When must a notifiable cobs breach be reported?

You must notify the ICO within 24 hours of becoming aware of the breach, or sooner if it’s reasonable to do so.

What is Coll FCA?

Introduction. (1) COLL is a specialist sourcebook that sits in Block 6 (Specialist Sourcebooks) of the FCA Handbook. It provides the detailed framework within which authorised funds operate and includes requirements relating to recognised schemes.

Can the FCA fine individuals?

Our enforcement powers prohibiting individuals from carrying on regulated activities. suspending firms and individuals from undertaking regulated activities. issuing fines against firms and individuals who breach our rules or commit market abuse.

What is the most common reason hackers can access your system?

One of the most common reasons for hackers to hack is to steal or leak information. This could be data and information about your customers, your internal employees or even private data specific to your business. These are cases where hackers typically go after big targets in order to get the most attention.

What powers do FCA have?

Our enforcement powers prohibiting individuals from carrying on regulated activities. suspending firms and individuals from undertaking regulated activities. issuing fines against firms and individuals who breach our rules or commit market abuse. issuing fines against firms breaching competition laws.

What happens if you breach FCA?

The Principles derive their authority from the FCA’s rule-making powers set out in section 137A(General rule-making power) of the Act. A breach of a Principle will make a firm liable to disciplinary action.

What is the restriction in (1) of the cobs Act?

The restriction in (1) is subject to COBS 4.12.4 R and does not apply to units in unregulated collective investment schemes, which are subject to a statutory restriction on promotion in section 238 of the Act.

Do the cobs rules apply to Nurs-Kii documents?

The rules in COBS 4.5A do not apply to the form or content of a NURS-KII document (see COBS 4.1.7AR (Modification relating to the KII Regulation)). where such information or financial promotion is addressed to, or disseminated in such a way that it is likely to be received by, a retail client.

What is the purpose of the statements required in cobs?

The purpose of the statements required by COBS 4.14.12R is to enable an investor to consider the proportion of capital raised by an issue of speculative illiquid securities that will not be invested.

What information should be included in a cobs performance table?

This Table belongs to COBS 4.6.4 G The table should show performance information for five (or if performance information for fewer than five is available, all) complete 12-month periods, the most recent of which ends with the last full quarter preceding the date on which the firm first communicates or approves the financial promotion.

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