COBS 12—investment research requirements
COBS 12—investment research requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • COBS 12—investment research requirements
  • Background to investment research rules
  • To whom do the FCA's investment research rules apply?
  • To what do the investment research rules apply?
  • Meaning of investment research and non-independent research
  • Conflicts of interest—investment research
  • Dealing ahead
  • Dealing contrary to current recommendations
  • Physical separation between financial analysts and others
  • Inducements
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background to investment research rules

This Practice Note explains the Financial Conduct Authority's (FCA) rules on investment research, which are contained in Chapter 12 of the Conduct of Business sourcebook (COBS 12). The COBS 12 requirements concern conflicts of interest and set out specific requirements relating to the production and dissemination of investment research and non-independent research. Prior to 3 January 2018, COBS 12 implemented Articles 24 and 25 of Commission Directive 2006/73/EC (MiFID Implementing Directive) which itself implemented the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). MiFID has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II framework). Both the MiFID II Directive and MiFIR entered into force on 2 July 2014. As amended, the majority of the MiFID II framework has applied since 3 January 2018, and EU Member States

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