COBS 6.11 COBS 6.11 Periodic Statements
COBS 6.11.1 Application
The Rules in this section do not apply to an Authorised Person with respect to any Transaction which it:(a) undertakes with a Market Counterparty; or(b) carries out for the purposes of managing a Collective Investment Fund of which it is the Fund Manager.
COBS 6.11.2 Investment Management and Contingent Liability Investments(a) When an Authorised Person:(i) acts as an Investment Manager for a Client; or(ii) operates a Client's account containing uncovered open positions in a Contingent Liability Investment;it must promptly and at suitable intervals in accordance with Rule 6.11.2(b) provide the Client with a written statement ("a periodic statement") containing the matters referred to in Rule 13.1.(b) For the purposes of Rule 6.11.2, a "suitable interval" is:(i) six-monthly;(ii) monthly, if the Client's portfolio includes an uncovered open position in Contingent Liability Investments; or(iii) at any alternative interval that a Client has on his own initiative agreed with the Authorised Person but in any case at least annually.
COBS 6.11.3 Record Keeping
An Authorised Person 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.