COBS 6.4.4 Restriction on Own Account Transactions

(a) An Authorised Person or its Associate must not knowingly execute an Own Account Transaction in an Investment or related Investments, which is the subject of Investment Research, prepared either by the Authorised Person or its Associate, until the Clients for whom the Investment Research was principally intended have had a reasonable opportunity to act upon it.
(b) The restriction in Rule 6.4.4(a) does not apply if:
(i) the Authorised Person or its Associate is a Market Maker in the relevant Investment;
(ii) the Authorised Person or its Associate undertakes an Execution-Only Transaction for a Client; or
(iii) it is not expected to materially affect the price of the Investment.