COBS: application and general provisions

Question 1

to who do the COBS rules generally apply to

Answer 1

all clients

Question 2

how do COBS apply to appointed representatives

Answer 2

indirectly - firms responsible for the acts and omissions of their appointed representatives

Question 3

to who does fair treatment apply to and which rule is this

Answer 3

all clients - clients best interest rule

Question 4

definition of durable medium

Answer 4

medium that allows the unchanged reproduction and storage of the information

Question 5

conditions for website comms to be permitted

Answer 5

evidence it is appropriate method
client specifically consented
client notified of address electronically
info is up to date
info continuously accessible as long as client needs

Question 6

how long do voice recordings need to be kept in relation to receiving, executing and arranging client orders, and for which type of investments does this apply

Answer 6

5 years - qualifying investments admitted to trading on a prescribed market

Question 7

how long do any client communications relating to orders need to be kept

Answer 7

5 years

Question 8

to whom do the voice recording and electronic communications apply to

Answer 8

any client or eligible counterparty

Question 9

is a website a durable media

Answer 9

no

Question 10

is a hard drive a durable media

Answer 10

yes