Dealing and managing - COBS Provision

Note that the provisions of COBS 11.6 are currently under thematic review by the FCA. See in particular the FCA's Consultation on the Use of Dealing Commission (CP13/17) dated November 2013, for which submissions close in February 2014 and which is expected to be implemented in the Spring of 2014.

Best Execution

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

Application of best execution obligation

• 11.2.2
• 11.2.3
• 11.2.4
• 11.2.5

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

• 11.2.25: consent to best execution policy generally
  
• 11.2.26: permission to execute outside a regulated market or MTF
  

Use of Dealing Commission

11.6.1
11.6.2
11.6.3
11.6.4
11.6.5
11.6.6
11.6.7
11.6.8G - examples of goods and services that are not exempt and cannot be paid for from dealing commissions

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)).