Template:Nutshell COBS 2.3.1

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

(1) Client Benefits: one the client pays for/receives directly; or

(2) Third Party Benefits: a third party pays/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.)