• COBS 6.11 COBS 6.11 Periodic Statements

    • COBS 6.11.1 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 Collective Investment Fund of which it is the Fund Manager.

    • COBS 6.11.2 Investment Management and Contingent Liability Investments

      (a) When an Authorised Person:
      (i) acts as an Investment Manager for a Client; or
      (ii) operates a Client's account containing uncovered open positions in a Contingent Liability Investment;
      it must promptly and at suitable intervals in accordance with Rule 6.11.2(b) provide the Client with a written statement ("a periodic statement") containing the matters referred to in Rule 13.1.
      (b) For the purposes of Rule 6.11.2, a "suitable interval" is:
      (i) six-monthly;
      (ii) monthly, if the Client's portfolio includes an uncovered open position in Contingent Liability Investments; or
      (iii) at any alternative interval that a Client has on his own initiative agreed with the Authorised Person but in any case at least annually.

    • COBS 6.11.3 Record Keeping

      An Authorised Person must make a copy of any periodic statement provided to a Client and retain it for a minimum of six years from the date on which it was provided.