COBS 11.1 COBS 11.1 Minimum Contents of Transaction Records
COBS 11.1.1 Receipt of Client Order or Discretionary Decision to Transact
An Authorised Person must, pursuant to Rule 6.8.2(a), make a record of the following in respect of each Client order:(a) the identity and account number of the Client;(b) the date and time where the instructions were received or the decision was taken by the Authorised Person to deal;(c) the identity of the Employee who received the instructions or made the decision to deal;(d) the Investment, including the number of Instruments or their value and any price limit; and(e) whether the instruction relates to a purchase or sale, long, short, buyer, seller or other relevant position.
COBS 11.1.2 Executing a Transaction
An Authorised Person must, pursuant to Rule 6.8.2(b), make a record of the following in respect of each Transaction:(a) the identity and account number of the Client for whom the Transaction was Executed, or an indication that the Transaction was an Own Account Transaction;(b) the name of the counterparty;(c) the date and time where the Transaction was Executed;(d) the identity of the Employee executing the Transaction;(e) the Investment, including the number of instruments or their value and price; and(f) whether the Transaction was a purchase or a sale, long, short, buyer, seller or other relevant position.
COBS 11.1.3 Passing a Client Order to another Person for Execution
An Authorised Person must, pursuant to Rule 6.8.2(c), make a record of the following:(a) the identity of the Person instructed;(b) the terms of the instruction; and(c) the date and time that the instruction was given.
COBS 11.1.4 Sending Confirmation Notes
An Authorised Person must include the following information in its confirmation notes:(a) the Authorised Person's name and address;(b) whether the Authorised Person Executed the Transaction as principal or agent;(c) the Client's name, account number or other identifier;(d) a description of the Investment or Fund, including the amount invested or number of units involved;(e) whether the Transaction is a sale or purchase;(f) the price or unit price at which the Transaction was Executed;(g) if applicable, a statement that the Transaction was Executed on an Execution-Only basis;(h) the date and time of the Transaction;(i) the total amount payable and the date on which it is due;(j) the amount the Authorised Persons charges in connection with the Transaction, including Commission charges and the amount of any Mark-up or Mark-down, Fees, taxes or duties;(k) the amount or basis of any charges shared with another Person or statement that this will be made available on request; and(l) for Collective Investment Funds, a statement that the price at which the Transaction has been Executed is on a Historic Price or Forward Price basis, as the case may be.
An Authorised Person may combine items in respect of a Transaction where the Client has requested a note showing a single price combining both of these items.