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COBS 6.6.1 General Prohibition

Past version: effective from 21/10/2015 - 20/10/2015
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Except in relation to:

(a) a non-market price Transaction subject to the Rules of a Recognised Investment Exchange; or
(b) Fund Investment Managers pursuing a strategy that involves the buying, selling or holding of securities that are not publicly listed or traded or readily saleable, an Authorised Person must not enter into a non-market price Transaction in any capacity, with or for a Client, unless it has taken reasonable steps to ensure that the Transaction is not being entered into by the Client for an improper purpose.