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Template:COBS Section 11.6.3: Difference between revisions
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:(2) [deleted] <br> | :(2) [deleted] <br> | ||
:(3) The prohibition under (1) does not apply where: | :(3) The prohibition under (1) does not apply where: | ||
::(a) the investment manager has reasonable grounds to be satisfied that the good or service received in return for the charges in (1)(b) will reasonably assist the investment manager in the provision of its services to its customers, on whose behalf the relevant customer orders are being executed; <br> | ::(a) the {{cobsprov|investment manager}} has reasonable grounds to be satisfied that the good or service received in return for the charges in (1)(b) will reasonably assist the {{cobsprov|investment manager}} in the provision of its services to its customers, on whose behalf the relevant customer orders are being executed; <br> | ||
::(b) the investment | ::(b) the {{cobsprov|investment manager}}’s receipt of that good or service in return for the charges in (1)(b) does not, and is not likely to, impair compliance with the duty of the investment manager to act in the best interests of its customers; and | ||
::(c) that good or service either: | ::(c) that good or service either: | ||
:::(i) is directly related to the execution of trades on behalf of the investment manager's customers; or | :::(i) is directly related to the execution of trades on behalf of the {{cobsprov|investment manager}}'s customers; or | ||
:::(ii) amounts to the provision of substantive research. <br> | :::(ii) amounts to the provision of substantive research. <br> | ||