COBS

Question 1

COBS apply to

Answer 1

Directly to firms conducting designated investment business or conducting long term insurance business

Question 2

Electronic media

Answer 2

Website;

evidence of appropriate method 
Consent 
Info up to date 
Notified of website address electronically 
Accessible 

Recordings

Kept 5 years - receiving, executing, arranging for client order

Question 3

Durable medium

Answer 3

Unchanged reproduction of info stored

e.g.
paper
Floppy disc
Hard drive

Question 4

Inducements

Answer 4

Reduce conflicts of interest

Question 5

MIFID with regard to inducements

Answer 5

Firm not accept other than client a fee, commission or non- monetary benefit

unless

Fee enhance service
Doesn’t affect best interest of customer

Fee disclosed before providing service

prohibition does not apply to minor non monetary benefits

Question 6

Non MIFID with regard to inducement

Answer 6

Disclosure required for personal recommendations for packaged products

Not required if minor non - monetary benefit

Question 7

Inducements and Research

Answer 7

Firm apply charge for research
Pay via - direct payments, payment account controlled by firm

Research Payment account
disclose budget and costs for third party research

Regularly assess quality and effectiveness research provided

Question 8

Reliance on others

Answer 8

MIFID - rely on info given by other MIFID firms

Non MIFID -
info in writing
third party independent
third party competent