| 1 | Conduct of Business sourcebook know-how: COBS 4 ... The purpose of this document is to provide fast access to primary source material and other know-how relating to chapter 4 of the FSA's Conduct of Business sourcebook on communicating with clients, including financial promotions (COBS 4). It is intended to aid the interpretation and understanding of the relevant COBS 4 provisions. This document follows the structure of COBS 4 and, under each COBS 4 heading, provides links to the relevant provisions and to primary source material and other know-how, such as relevant PLC Financial Services material. Short summaries of the underlying source material (or, where appropriate, relevant extracts from the source material) will help you to identify whether a particular source is likely to provide the information you are looking for. We are in the process of updating this document, including where relevant amendments to reflect the new UK regulatory structure that came into effect on 1 April 2013. | Practice note: overview | Maintained |
| 2 | FCA Banking Conduct Regime: overview An overview of the Banking Conduct Regime introduced by the FSA on 1 November 2009. | Practice note: overview | Maintained |
| 3 | Financial promotion: overview An overview of the UK financial promotion regime under the Financial Services and Markets Act 2000. It includes a summary of the restrictions on financial promotion in the UK under FSMA; exemptions to those restrictions as set out in secondary legislation; and penalties for breaching the financial promotion restriction. | Practice note: overview | Maintained |
| 4 | Financial promotions: a quick guide A quick guide to the financial promotion regime, why it is important to companies not authorised by the Financial Conduct Authority (FCA) and potential headaches that might arise in practice. This is one of a series of quick guides, see Quick guides. | Practice note: overview | Maintained |
| 5 | FSA review of retail banking business regulation This practice note outlines the FSA's proposals to regulate retail banking conduct of business as set out in CP08/19, PS09/6, CP09/20 and Handbook Notice 92. The FSA implemented these proposals on 1 November 2009 when it introduced its new Banking Conduct Regime for retail banks. For more information on this new regime, see Practice note, FSA's Banking Conduct Regime: overview. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | 31-Oct-2009 |
| 6 | FSMA overview An overview of the Financial Services and Markets Act 2000 (FSMA). | Practice note: overview | Maintained |
| 7 | Hot topics: European social entrepreneurship funds This practice note provides a high-level overview of the key regulatory developments relating to the European Commission's work on creating a regime for European social entrepreneurship funds (EuSEF). The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 8 | Hot topics: European venture capital funds regime This practice note provides a high level overview of the key regulatory developments relating to the European Commission's work on creating a European regime for venture capital funds (VCFs). The key primary source material table in this document contains links to key primary material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 9 | Hot topics: Exchange traded funds (ETFs) An outline of the regulatory initiatives at an international, EU and UK level relating to exchange traded funds (ETFs). This note also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table which contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 10 | Hot topics: MiFID II A note outlining the European Commission's review of the effectiveness of the Markets in Financial Instruments Directive (2004/39/EC), which came into force on 1 November 2007. It outlines at a high level, the Commission's October 2011 legislative proposals to amend MiFID (the MiFID II legislative proposals), the Commission's December 2010 consultation which helped to inform the legislative proposals and the earlier technical advice provided to the Commission by the Committee of European Securities Regulators (CESR). This note also tracks developments in this area, and sets out the milestones for future development. It includes a key primary source material table which contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 11 | Treating customers fairly: an overview An overview of the FSA's requirements on firms to treat their customers fairly, the FSA's expectations and what it means for firms. This note is in the process of being updated by the author, including amendments to reflect the new UK regulatory structure that comes into effect on 1 April 2013. | Practice note: overview | Maintained |
| 12 | What is MiFID business? This practice note explains the circumstances in which a firm will be carrying on MiFID business as the term is defined in the FCA Glossary. | Practice note: overview | Maintained |
| 13 | COBS 4 rules: communicating with clients, including financial ... A outline of the FCA's conduct of business requirements that apply to a firm's promotions and other communications with clients in chapter 4 of the FCA's Conduct of Business Sourcebook (COBS 4). | Practice notes | Maintained |
| 14 | Consultation responses: FSA consultation paper on ... This tracker sets out links to the key responses to the FSA's August 2012 consultation paper on restrictions on the retail distribution of unregulated collective investment schemes (UCIS) and close substitutes (CP12/19). | Practice notes | 14-Nov-2012 |
| 15 | Consumer financial promotions: FSA thematic work (2008-11) This practice note outlines the FSA's thematic work and consultations, as well as non-Handbook guidance published by the FSA, aimed at improving the quality of consumer financial promotions, in the period from 2008 to February 2011. | Practice notes | 28-Feb-2011 |
| 16 | CP10/28: FSA's mortgage distribution and disclosure ... This practice note outlines the FSA's key proposals for reforming distribution and disclosure in the mortgage market, as set out in its consultation paper, "Mortgage Market Review: Distribution & Disclosure" (CP10/28), which was published on 16 November 2010. CP10/28 forms part of the FSA's ongoing mortgage market review (MMR). For more information on the MMR, see Practice note, Hot topics: FSA's review of its mortgage regime. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 16-Nov-2010 |
| 17 | DP09/3: FSA's mortgage market review proposals This practice note outlines the FSA's findings from its mortgage market review (MMR) and its proposals for regulatory reform, as set out in its discussion paper entitled: "Mortgage Market Review" (DP09/3), published on 19 October 2009. | Practice notes | 19-Oct-2009 |
| 18 | Financial promotion: designated professional bodies A note outlining the exemptions from the financial promotion regime that apply to professional firms falling within the designated professional bodies regime under Part 20 (also referred to as Part XX) of the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 19 | Financial promotion: enforcement action A tracker providing details of final notices issued by the FCA (and its predecessor, the FSA), FSMT decisions and case law that relate to breaches of the UK financial promotion regime. | Practice notes | Maintained |
| 20 | Financial promotion: mortgages and home finance (MCOB 3) This note outlines the provisions of chapter 3 of the Mortgages and Home Finance: Conduct of Business sourcebook (MCOB) relating to the communication and approval of promotions by authorised persons of qualifying credit (that is, regulated mortage contracts), home reversion plans, and regulated sale and rent back agreements. The note focuses specifically on the application and scope of the MCOB rules and the form and content of both real time and non-real time financial promotions. | Practice notes | Maintained |
| 21 | Financial promotion: sanctions, defences and FCA disciplinary ... An overview of the sanctions for breach by unauthorised persons of the financial promotion regime under the Financial Services and Markets Act 2000 (FSMA), and the disciplinary action that may be taken against authorised persons for breach of the FCA Handbook in the communication or approval of financial promotions. | Practice notes | Maintained |
| 22 | Financial promotion: territorial scope A note on the territorial scope of the UK financial promotion regime under the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 23 | Financial promotion: the internet and other electronic media A note on the communication of financial promotions on the internet and other electronic and digital media (such as e-mail, text messages, hypertext links, sponsored links and banner advertising, as well as social networking websites and blogs). The note focuses on regulatory requirements specific to these forms of communication, and FSA thematic work to highlight and address regulatory concerns in this area. | Practice notes | Maintained |
| 24 | Financial promotion: useful exemptions for corporate practice An outline of some exemptions from the financial promotion regime which may be of use in corporate practice. | Practice notes | Maintained |
| 25 | Financial promotion: useful exemptions for financial services ... A note outlining some exemptions from the financial promotion regime which may be of use in financial services practice. | Practice notes | Maintained |
| 26 | FSA and European Commission 2007-2008 post ... This practice note outlines the FSA's post-implementation review of the new conduct of business sourcebook (COBS) which was introduced in November 2007, and which included rules implementing the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). It relates to the work of the FSA at that time and does not reflect later regulatory developments. The note also outlines the European Commission's work to identify MiFID transposition and implementation issues in the period following implementation of MiFID. This note does not cover the Commission's review of the impact and effectiveness of MiFID which started in 2010. For information on the MiFID review, see Practice note, Hot topics: MiFID II. | Practice notes | Maintained |
| 27 | FSA's review of its mortgage regime This practice note outlines the FSA's review of its mortgage regime (known as the mortgage market review or MMR) and tracks key developments up until 31 March 2013. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 31-Mar-2013 |
| 28 | Historic financial promotion practice notes This practice note contains links to PLC Financial Services' historic practice notes on financial promotions. Historic practice notes relate to legislation, rules, regulations and/or guidance that are no longer applicable as they have been superseded. They may, however, be of interest if it is necessary to consider the legal or regulatory position at a previous time. | Practice notes | Maintained |
| 29 | Intention to float announcements (ITFs) An overview of intention to float announcements (ITFs) that outlines the key content of an ITF and the factors that may determine whether and when an ITF is published. The note also considers the main legal considerations that arise when publishing an ITF and practical steps to be taken to address these considerations. This note is relevant in the context of an IPO on the Main Market of the London Stock Exchange (including offerings that are concurrently extended into the US under Rule 144A of the US Securities Act of 1933, or sold outside the US pursuant to Regulation S under the Securities Act). The authors wish to thank Peter King, Partner at Weil, Gotshal & Manges, and Peter Castellon, Partner at Proskauer, for their assistance. | Practice notes | Maintained |
| 30 | Marketing an initial public offering (IPO) A description of the marketing involved in an initial public offering (IPO). | Practice notes | Maintained |
| 31 | MiFID Resources: pre-implementation developments This document brings together key pre-implementation developments relating to the Markets in Financial Instruments Directive (2004/39/EC) (MiFID), that is, MiFID related developments prior to 1 November 2007. It also provides links to relevant primary sources and PLC Financial Services content. For key source material on MiFID-related developments since 1 November 2007, see Practice note, MiFID Resources: post-implementation developments. For developments relating specifically to the European Commission's review of MiFID and the subsequent legislative proposals to amend MiFID, see Practice note, Hot topics: European Commission's MiFID review. | Practice notes | 31-Oct-2007 |
| 32 | MiFID review: CESR's technical advice to the European ... This practice note outlines the technical advice and information provided by the Committee of European Securities Regulators to the European Commission during 2010, which helped to inform the Commission's review of the effectiveness of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). For details of the Commission's subsequent consultation on the MiFID review, including proposals to amend MiFID and its implementing legislation, see Practice note, Hot topics: MiFID II. | Practice notes | 02-Dec-2010 |
| 33 | Offers for unquoted companies This note identifies the circumstances in which, even where the target company is private, or where it is public but not quoted, it may be necessary or desirable for an offer to be made. It analyses the provisions of relevant legislation and The City Code on Takeovers and Mergers which require special consideration in the context of such an offer. | Practice notes | Maintained |
| 34 | PPI misselling: FCA and FSA enforcement action A tracker providing details of key final notices issued by the FCA and the FSA relating to the sale of payment protection insurance (PPI). The tracker also identifies the relevant regulatory requirements, and outlines common themes and lessons that may be drawn from the final notices. | Practice notes | Maintained |
| 35 | Practice notes on non-FCA advertising requirements A note linking to PLC Financial Services' practice notes on key non-FCA advertising requirements that may apply to businesses in the financial services sector, in addition to the FSA's financial promotion requirements. | Practice notes | Maintained |
| 36 | Providing independent advice and restricted advice A note on the FCA's standard for independent investment advice, which was revised as part of the retail distribution review (RDR). It explains what it means to provide independent advice or restricted advice, and the related FCA requirements investment firms must comply with, in particular regarding disclosure to clients. The note provides examples of when firms can hold themselves out as independent, and outlines how firms' use of advice tools and investment strategies interacts with the standard for independent advice. | Practice notes | Maintained |
| 37 | Responsibilities of product providers and distributors for fair ... A summary of the key TCF responsibilities of product providers and distributors, as set out in the FSA's regulatory guide, Responsibilities of providers and distributors for the fair treatment of customers. This note also outlines provider responsibilities relevant to the UK authorised investment scheme managers. This note is in the process of being updated by the author, including amendments to reflect the new UK regulatory structure that comes into effect on 1 April 2013. | Practice notes | Maintained |
| 38 | Restrictions on the promotion of collective investment ... A note providing an overview of the restrictions on the promotion of collective investment schemes (CISs). It outlines: Who can promote regulated and unregulated CISs. Who CISs can be promoted to. Whether the COBS 4 financial promotion rules apply to the promotion Whether any exemptions from those rules are available. | Practice notes | Maintained |
| 39 | Selling debt securities: UK selling restrictions An overview of some of the restrictions that apply to offering and trading transferable securities, and the market practice on offering bonds in the UK. This note was previously called UK selling restrictions: debt securities. | Practice notes | Maintained |