Template:Nutshell COBS 2.3.1: Difference between revisions

Revision as of 16:33, 31 October 2016

2.3.1 A firm cannot give or take any benefit relating to client business except:

(1) Client Benefits: one the client pays forTemplate:Nutshell COBS 2.3.1/receives directly; or

(2) Third Party Benefits: a third party paysTemplate:Nutshell COBS 2.3.1/receives if:

(a) No impairment: it does not impair the firm’s duty to act in the client’s best interests; and

(b) Full disclosure: the firm fully discloses it before providing it; and

(c) Service enhancement: it enhances the quality of the firm’s service to the client; or

(3) Ancillary Benefits: one that facilitates designated investment business or ancillary services and doesn’t conflict with the client’s interests (eg custody, clearing or exchange fees, legal fees, etc.)

@@ Line 1: / Line 1: @@
-{{fcaprov|2.3.1}} A {{fcaprov|firm}} must not give or receive any benefit benefit relating to {{fcaprov|client}} business except:
+{{fcaprov|2.3.1}} A {{fcaprov|firm}} cannot give or take any benefit relating to {{fcaprov|client}} business except:
 :(1) '''Client Benefits''': one the client pays for[[/]]receives directly; or
 :(2) '''Third Party Benefits''': a third party pays[[/]]receives if:
@@ Line 5: / Line 5: @@
 ::(b) '''Full disclosure''': the firm fully discloses it before providing it; and
 ::(c) '''Service enhancement''': it enhances the quality of the firm’s service to the client; or
-:(3) '''Ancillary Benefits''': one that facilitates {{cobsprov|designated investment business}} or ancillary services and doesn’t conflict with the {{fcaprov|client}}’s interests (eg custody, clearing or exchange fees, legal fees, etc.)
+:(3) '''Ancillary Benefits''': one that facilitates {{fcaprov|designated investment business}} or {{fcaprov|ancillary services}} and doesn’t conflict with the {{fcaprov|client}}’s interests (eg custody, clearing or exchange fees, legal fees, etc.)