The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note explains what direct offer financial promotions and cold calls are and which of the Financial Conduct Authority's (FCA) rules apply to them.
The FCA’s direct offer financial promotion rules are set out in chapter 4.7 of the Conduct of Business Sourcebook (COBS 4.7). Following the implementation of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), there are different provisions, depending on whether a firm is carrying on MiFID, equivalent third country or optional exemption business or not.
In broad terms:
COBS 4.7.-1AEU is relevant to a firm communicating a direct offer financial promotion in relation to its MiFID, equivalent third country or optional exemption business; and
COBS 4.7.1R is relevant to a firm communicating a direct offer financial promotion that does not relate to its MiFID, equivalent third country or optional exemption business. The rule also may apply to a MiFID investment firm, third country investment firm or MiFID optional exemption firm where it makes a direct offer financial promotion which is not a marketing communication, or which does not relate to its MiFID, equivalent third country or optional exemption business
The requirements in COBS 4.7.1 do not apply in relation to:
a prospectus advertisement to which PR 3.3 applies
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