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COBS and CASS
Part 1, IF MIFID Firm you can rely
If non-mifid, Non…
COBS and CASS
Part 1
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Retail client opts up to professional
- Firm to assess expertise, experience and knowledge to provide reasonable assurance about
capability and understanding
- Quantitative test (MiFid) only
- Average trade frequency ten per quarter over previous four quarters
• Portfolio > €500K
• Works or worked in financial sector for ≥ one year in professional capacity
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IF MIFID Firm you can rely
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Applies to all firms conducting designated investment business or conducting insurance business from an establishment maintained by them or an appointed individual
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All customers must be treated fairly, honestly and professionally
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- If it is the most appropriate
- Customers give consent
- The client is notified of the website address
- The information is kept up to date
- The information is accessible for as long as they need
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Good quality recording should be made and kept for 5 years when:
- Receiving client orders
- Executing client orders
- Arranging for a client order to be executed
In a qualifying investment trading on a prescribed market
- Includes communication via fax, email, instant messaging and mobile phones
- Applies to communciation with any client or elegible counter party
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- Durable medium: A medium that allows for the storage and unchanged reproduction of information
- Paper, CD Rom, Floppy Disc, Hard Drive
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