Template:COBS Section 11 TOC

COBS 11 Dealing and managing including best execution

Template:TOC COBS 11.1

COBS 11.2 Best Execution

Note that, courtesy of 1 Annex 1 best execution obligations are not owed to an eligible counterparty, but only to a professional client or a retail client.

COBS 11.2.1 Obligation to execute orders on terms most favourable to the client

COBS 11.2.2 Application of best execution obligation

COBS 11.2.3

COBS 11.2.4

COBS 11.2.5

COBS 11.2.6 Best execution criteria

COBS 11.2.7 Role of price

COBS 11.2.19 Following specific instructions from a client

[...]

COBS 11.2.25: Consent to best execution policy generally

COBS 11.2.26: Client consent to execution policy and execution of orders outside a regulated market or MTF

Best execution criteria

COBS 11.2.6R28/02/2014

When executing a client order, a firm must take into account the following criteria for determining the relative importance of the execution factors: (1) the characteristics of the client including the categorisation of the client as retail or professional;

(2) the characteristics of the client order;

(3) the characteristics of financial instruments that are the subject of that order;

(4) the characteristics of the execution venues to which that order can be directed; and

(5) for a management company, the objectives, investment policy and risks specific to the UCITS scheme or EEA UCITS scheme, as indicated in its prospectus or instrument constituting the fund.

[Note: article 44(1) of the MiFID implementing Directive and article 25(2) second sentence of the UCITS implementing Directive]

Template:TOC COBS 11.3 Use of dealing commission to purchase goods or services

11.4.1 Obligation to make unexecuted client limit orders public

11.4.2

11.4.3 How client limit orders may be made public

11.4.4

11.4.5 Orders that are large in scale

11.4.6

Unless a client expressly instructs otherwise, a firm must, in the case of a client limit order in respect of shares admitted to trading on a regulated market which is not immediately executed under prevailing market conditions, take measures to facilitate the earliest possible execution of that order by making public immediately that client limit order in a manner which is easily accessible to other market participants.

Template:TOC COBS 11.5

These COBS rules may have changed as a result of MiFID II

[[COBS}} 11.6 {{Cobsprov|Use of dealing commissions]]

[[COBS}} {{Cobsprov|11.6.1]]

[[COBS}} {{Cobsprov|11.6.2]]

[[COBS}} 11.6.3 {{cobsprov|Use of dealing commission to purchase goods or services]]

[[COBS}} {{Cobsprov|11.6.4]]

[[COBS}} {{Cobsprov|11.6.5]]

[[COBS}} {{Cobsprov|11.6.6]]

[[COBS}} {{Cobsprov|11.6.7]]

[[COBS}} {{Cobsprov|11.6.8]]G - examples of goods and services that are not exempt and cannot be paid for from dealing commissions