COBS 6.2.1

An Authorised Person must establish and maintain adequate policies and procedures so as to ensure that:

(a) an Employee does not undertake a Personal Account Transaction unless:
(i) the Authorised Person has, in a written notice, drawn to the attention of the Employee the conditions upon which the Employee may undertake Personal Account Transactions and that the contents of such a notice are made a term of his contract of employment or services;
(ii) the Authorised Person has given its written permission to that Employee for that transaction or to transactions generally in Investments of that kind; and
(iii) the transaction will not conflict with the Authorised Person's duties to its Clients;
(b) it receives prompt notification or is otherwise aware of each Employee's Personal Account Transactions; and
(c) if an Employee's Personal Account Transactions are conducted with the Authorised Person, each Employee's account must be clearly identified and distinguishable from other Clients' accounts.