The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note explains the regulatory rules for the use of performance information in client communications (contained in the Financial Conduct Authority (FCA)'s Conduct of Business sourcebook (COBS) at COBS 4.5A.10–COBS 4.5A.16 (MiFID provisions) and COBS 4.6 (non-MiFID provisions)). The rules relate to three types of information:
past performance information
simulated past performance information, and
future performance information.
Following amendments to COBS 4 made as a result of the implementation of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II Framework). The rules on performance apply differently depending on whether firms are carrying out MiFID, equivalent third country or optional exemption business or non-MiFID, equivalent third country or optional exemption business.
For MiFID, equivalent third country or optional exemption business, the rules in COBS 4.5A.10–COBS 4.5A.16 apply to all information provided to clients (save that the requirements don’t apply in relation to information which is a third party prospectus or is image advertising.
For non-MiFID, equivalent third country or optional exemption business the rules in COBS 4.6 apply to the communication and approval of financial promotions (save that the requirements don’t apply in relation to excluded communications, prospectus advertisements to which PR 3.3 applies, image advertising, deposits that are not a structured deposits and pure protection contracts that are long-term care insurance
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Competency—general ruleThe most common way for evidence to be adduced is through the testimony of a witness. A witness is said to be competent if they can, as a matter of law, be called by a party to give evidence. All people are deemed competent to give evidence, whatever their age, at every stage
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
NOTE: This Practice Note is being reviewed in light of the changes to CPR 81 that will be introduced by the Civil Procedure (Amendment No 3) Rules 2020, SI 2020/747, which is available here. The changes to CPR 81 involve a substitution of the entirety of CPR 81, which will be renamed ‘Part 81
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