• COBS 17.1. COBS 17.1. Application and Interpretation

    • COBS 17.1.1.

      This chapter applies to an Authorised Person conducting a Regulated Activity in relation to Virtual Assets.

      Amended on (24 February, 2020).

    • COBS 17.1.2.

      An Authorised Person conducting a Regulated Activity in relation to Virtual Assets must comply with all requirements applicable to Authorised Persons in the following Rulebooks, unless the requirements in this chapter expressly provide otherwise—

      (a) this Conduct of Business Rulebook (COBS);
      (b) the General Rulebook (GEN);
      (c) the Anti-Money Laundering and Sanctions Rules and Guidance (AML);
      (d) the Islamic Finance Rules (IFR); and
      (e) the Rules of Market Conduct (RMC), made by the Regulator in accordance with section 96 of the Financial Services and Markets Regulations 2015.
      Amended on (24 February, 2020).

    • COBS 17.1.3.

      For the purposes of an Authorised Person conducting a Regulated Activity in relation to Virtual Assets, all references to—

      (a) "Client Investments" in GEN shall be read as encompassing “Virtual Asset” or “Virtual Assets”, as applicable; and
      (c) "Financial Instruments" in RMC shall be read as references to “Virtual Asset” or “Virtual Assets”, as applicable.
      Amended on (24 February, 2020).

    • COBS 17.1.4.

      The following COBS Rules should be read as applying to all Transactions undertaken by an Authorised Person conducting a Regulated Activity in relation to Virtual Assets, irrespective of any restrictions on application or any exception to these Rules elsewhere in COBS—

      (a) Rule 3.4 (Suitability);
      (b) Rule 6.5 (Best Execution);
      (c) Rule 6.7 (Aggregation and Allocation);
      (d) Rule 6.10 (Confirmation Notes);
      (e) Rule 6.11 (Periodic Statements); and
      (f) Chapter 12 (Key Information and Client Agreement).
      Amended on (24 February, 2020).