How are the COBS rules on investment research different from the old ones?
The COBS rules are intelligent copy out of the MiFID provisions on investment research, which contain a narrower definition of investment research than in current COB. The term ‘investment research’ will be used to refer to research or other relevant information that is labelled or described as such, or is otherwise presented as objective or independent. Any research material that does not meet these conditions is described as ‘non-independent research’ in COBS, and must be clearly identified and treated as a ‘marketing communication’. And the COBS rules apply to both oral and written material (the current COB research provisions focused on written material), and to financial instruments (rather than designated investments as specified in COB).
