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COBS 6.11.2 Investment Management and Contingent Liability Investments

Past version: effective from 21/10/2015 - 20/10/2015
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(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.