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Common Platform Firm is a subject to either the CRD or...? Capital Requirements Directive empezar lección
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Markets in Financial Instruments Directive
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If a conflict arises, and it cannot be managed, the conflict of interest must be disclosed to the client before... empezar lección
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undertaking business for the client - let the client decide if they wish to continue.
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important: Arrangements whereby information held by an employee in one part of the business is withheld from the people in another part of the business, in order to manage any potential conflicts of interest
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If a firm establishes and maintains an Information Barrier’ it must withhold the information, business but only to the extent that... empezar lección
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... t least one of those parts of the business is carrying on regulated activities.
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The disclosure of conflicts of interest should not exempt firms from the obligation to maintain effective organisational arrangements under... empezar lección
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... SYSC 10: Conflict of interest Senior Management Arrangements, Systems and Controls
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Conflicts of Interest Policies should cover control of information to prevent... empezar lección
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the exchange of information which may harm the interest of clients. also: Separate supervision of persons who are engaged in activities for different clients. | Removal of any direct link between remuneration of conflict-prone individuals. | Measures to prevent influence. | Measures to control individual’s involvement
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Investment recommendations are captured under... short-term trade ideas or trading strategies empezar lección
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Measures and Arrangements
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Investment research has to be clearly labelled in such way that... empezar lección
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... it isn't constitute a personal recommendation to a client.
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UK MAR arrangements essence: Measures and Arrangements empezar lección
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Investment firms must have internal arrangements to prevent dealing ahead. Analysts who know the timing or content of unpublished investment research must not onduct personal transactions or trade for others.
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A firm does not have to comply with the MAR rules on conflict of interest, if... empezar lección
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is disseminating investment research on behalf of another person. so long as: That person is not in the same group as the firm. | The firm does not substantially amend the research | the firm does not hold itself out as having produced the research.
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A firm does not have to comply with the MAR rules on conflict of interest, if is disseminating investment research on behalf of another person, so long as... empezar lección
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... that person is not in the same group as the firm and the rules of COBS 4 apply. The firm does not substantially amend the research | the firm does not hold itself out as having produced the research.
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The MAR rules are different if a firm produces non-independent research, which is not presented as objective or independent, and is considered as marketing communication. In this case, research is treated as a...? empezar lección
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It must contain a clear and prominent statement it has not been prepared as independent, investment research.
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The MAR rules if a firm produces non-independent research, which is not presented as objective or independent, and is considered as marketing communication. In this case, research is treated as a financial promotion, under rules of...? empezar lección
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COBS 4: Communicating with clients, including financial promotions
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Firms which disseminate research recommendations have to comply with detailed standards in relation to the presentation and disclosure of certain information. It must ensure that a research recommendation is...? empezar lección
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disclose the firm’s interests, | facts are clearly distinguished from interpretation, estimates and opinion
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Fair presentation requires that... empezar lección
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... material sources are indicated, also: basis of valuation, | the meaning of buy, sell, and hold, | any substantive difference between this and a research recommendation issued during the previous 12 months
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Research Recommendation. Standards for disclosure of interests and conflicts of interest are relationships of... empezar lección
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relationships f legal and natural persons within the firm who were involved in the preparation of the research recommendation/ also: all relationships that may impair the objectivity, | disclosures concerning a firm’s shareholdings in excess of 5%
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Research Recommendation. The standards for disclosure of interests and conflicts of interest must disclosures concerning a firm’s - or affiliated company - shareholdings in excess of... empezar lección
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How often must a firm disclose the proportion of its Research Recommendations that are buy, hold, and sell recommendations? empezar lección
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both quarterly, but the buy, hold, and sell recommendations covers the 3 months, | whereas proportion of investment related material investment banking services covers 12 months.
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If a firm disseminates research recommendations produced by a third party, it must state... empezar lección
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... the identity of the firm and its regulator. Detailed disclosures are made as though a firm had produced the recommendation itself. | Elaborate any materially amends.
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A financial instrument is classed as 'non-complex' if, | it is not a derivative, | has sufficient liquidity, | it does not involve liability for the client and... empezar lección
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... it is publicly available.
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