COBS 6.5.1 Application

(a) The Rules in this section do not apply to an Authorised Person with respect to any Transaction which:
(i) it undertakes with a Market Counterparty;
(ii) it carries out for the purposes of managing a Fund of which it is the Fund Manager; or
(iii) is an Execution-Only Transaction.
(b) Where an Authorised Person undertakes an Execution-Only Transaction with or for a Client, the Authorised Person is not relieved from providing best execution in respect of any aspect of that Transaction which lies outside the Client's specific instructions.