Template:COBS Section 11.2.25: Difference between revisions
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(1) A {{fcaprov|firm}} (other than a {{fcaprov|management company}} providing {{fcaprov|collective portfolio management services}} for a {{fcaprov|UCITS scheme}} or an {{fcaprov|EEA UCITS scheme}}) must obtain the [[prior consent]] of its {{fcaprov|client}}s to the execution policy. <br> | {{cobsprov|11.2.25}} | ||
(2) In the case of a {{fcaprov|management company}} providing {{fcaprov|collective portfolio management services}} for an {{fcaprov|ICVC}} that is a {{fcaprov|UCITS scheme}}, or for an {{fcaprov|EEA UCITS scheme}} that is structured as an {{fcaprov|investment company}}, the {{fcaprov|management company}} must obtain the [[prior consent]] of the {{fcaprov|ICVC}} or {{fcaprov|investment company}} to the execution policy. <br> | :(1) A {{fcaprov|firm}} (other than a {{fcaprov|management company}} providing {{fcaprov|collective portfolio management services}} for a {{fcaprov|UCITS scheme}} or an {{fcaprov|EEA UCITS scheme}}) must obtain the [[prior consent]] of its {{fcaprov|client}}s to the execution policy. <br> | ||
(3) In the case of a {{fcaprov|management company}} that is the {{fcaprov|ACD}} of an {{fcaprov|ICVC}} that is a {{fcaprov|UCITS scheme}}, (2) does not apply where the {{fcaprov|ACD}} is the sole director of the {{fcaprov|ICVC}}. | :(2) In the case of a {{fcaprov|management company}} providing {{fcaprov|collective portfolio management services}} for an {{fcaprov|ICVC}} that is a {{fcaprov|UCITS scheme}}, or for an {{fcaprov|EEA UCITS scheme}} that is structured as an {{fcaprov|investment company}}, the {{fcaprov|management company}} must obtain the [[prior consent]] of the {{fcaprov|ICVC}} or {{fcaprov|investment company}} to the execution policy. <br> | ||
:(3) In the case of a {{fcaprov|management company}} that is the {{fcaprov|ACD}} of an {{fcaprov|ICVC}} that is a {{fcaprov|UCITS scheme}}, (2) does not apply where the {{fcaprov|ACD}} is the sole director of the {{fcaprov|ICVC}}. <br> | |||
Latest revision as of 14:46, 31 October 2017
- (1) A firm (other than a management company providing collective portfolio management services for a UCITS scheme or an EEA UCITS scheme) must obtain the prior consent of its clients to the execution policy.
- (2) In the case of a management company providing collective portfolio management services for an ICVC that is a UCITS scheme, or for an EEA UCITS scheme that is structured as an investment company, the management company must obtain the prior consent of the ICVC or investment company to the execution policy.
- (3) In the case of a management company that is the ACD of an ICVC that is a UCITS scheme, (2) does not apply where the ACD is the sole director of the ICVC.