9.1.1. Application

COB 9.1 does not apply to an Authorised Firm that executes a transaction in the course of Managing Investments for a Client.

9.1.2. Providing trade confirmations

When an Authorised Firm executes a transaction in an Investment for a Client, it must provide a confirmation note to the Client as soon as possible and in any case no later than 2 business days following the date of execution of the transaction.

9.1.3. Content of trade confirmations

The confirmation note must include the details of the transaction in accordance with Schedule 3.

9.1.4. Market Counterparties

An Authorised Firm may agree with a Professional Client or Market Counterparty to provide reporting on transactions differently from the requirements in COB 9.1 in relation to content and timing.

9.1.5. Record keeping

An Authorised Firm must retain a copy of each confirmation note sent to a Client and retain it for a minimum of six years from the date of despatch.

9.2.1. Requirement to provide periodic statements

When an Authorised Firm:

• (a) Manages Investments for a Client; or
• (b) operates an account containing uncovered open positions in a Contingent Liability Investment, it must promptly and at suitable intervals provide the Client with a written statement (“a periodic statement”) containing the matters referred to in Schedule 4.

Guidance For these purposes, a “suitable interval” is:

• (a) every three months;
• (b) monthly, if the Client’s portfolio includes an uncovered open position in Contingent Liability Investments; or
• (c) at any alternative interval that a Client has on his own initiative agreed with the Authorised Firm but in any case at least annually.

9.2.2. Record keeping

An Authorised Firm must make a copy of any periodic statement provided to a Client and retain it for a minimum of six years from the date on which it was provided.