• COBS 6.10 COBS 6.10 Confirmation Notes

    • COBS 6.10.1 Application

      The Rules in this section do not apply to an Authorised Person with respect to any Transaction which it:

      (a) undertakes with a Market Counterparty; or
      (b) carries out for the purposes of managing a Fund of which it is the Fund Manager.

    • COBS 6.10.2 Sending Confirmation Notes

      (a) When an Authorised Person Executes a Transaction in an Investment for a Client or with a counterparty, it must ensure a confirmation note is sent to the Client or counterparty as soon as possible and in any case no later than two business days following the date of Execution of the Transaction.
      (b) Where an Authorised Person has executed a Transaction or series of Transactions in accordance with Rule 6.9.5, the Authorised Person must send a confirmation note relating to those Transactions as soon as possible, but no later than two business days following the last Transaction.
      (c) The confirmation note must include the details of the Transaction in accordance with Rule 13.1.

    • COBS 6.10.3 Record Keeping

      An Authorised Person must retain a copy of each confirmation note sent to a Client or counterparty and retain it for a minimum of six years from the date of despatch.