Retail client - COBS Provision

Section 3.4, COBS Rules

COBS Rules
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Conduct of Business

This is an article about the FCA’s conduct of business rules, known by its chapter in the FCA Sourcebook, COBS, which implement, among other things, MiFID (directive 2004/39/EC (EUR Lex) and implementing directive 2006/73/EC (EUR Lex)).

Commentary

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MiFID Categorisation

• Professional clients: per se professional client | elective professional client
  
• ECPs: per se eligible counterparty | elective eligible counterparty | COBS 1 Annex 1 for disapplication of COBS rules to ECPs
  
• Retail client: See COBS 3.4: one who is not a professional client or an ECP
  
• Categorisation decision tree (pdf)
  

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