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ARTICLE · 14 NOVEMBER 2006

Scope Of NEWCOB And Rulebook Changes

CMS Cameron McKenna Nabarro Olswang
Explore more from CMS Cameron McKenna Nabarro Olswang

On 31 October, in its latest consultation papers CP06/19 and 06/20, the FSA released its proposals to replace the existing COB rulebook with a new regime (NEWCOB); this will implement the COB requirements in MiFID and also FSA’s own review which is designed to simplify the conduct of business regime for designated investment business.

United KingdomStrategy
Nick Paul
Nick Paul
Paul Edmondson
Paul Edmondson
Simon Morris
Simon Morris
Ash Saluja
Ash Saluja

On 31 October, in its latest consultation papers CP06/19 and 06/20, the FSA released its proposals to replace the existing COB rulebook with a new regime (NEWCOB); this will implement the COB requirements in MiFID and also FSA’s own review which is designed to simplify the conduct of business regime for designated investment business. It also sets out other proposed sourcebook changes to Systems and Controls (SYSC), Dispute Resolution: Complaints (DISP), Training and Competence (TC) and Supervision (SUP).

Below we look at the scope of NEWCOB and the changes involved, identify the firms which will be impacted and provide a brief summary of the other sourcebook changes. To see our recent overview of the new COB and Financial Promotions regime, please Click Here

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