Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investment definition

What does Investment mean? In practice, investment describes an asset or bundle of rights committed in a host state with the aim of generating a return. In investor-state work, the operative definition is treaty-specific: most bilateral investment treaties (BITs) and the Energy Charter Treaty use broad, asset-based lists covering, where applicable, tangible and intangible property located in the territory, shareholdings and other equity interests, contractual rights (including concessions), intellectual property, and loans or claims to money, subject to stated carve-outs. The ICSID Convention does not define investment; tribunals assess jurisdiction by the treaty text and case law, commonly considering a contribution of resources,...

FCA COBS 12 investment research: UK rules on production, distribution, conflicts management, non-independent research, post-Brexit changes and the 2023-24 Investment Research Review (including payment optionality)

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Practice notes

Background to investment research rules

This Practice Note outlines the Financial Conduct Authority’s (FCA) regime on investment research, set out in Chapter 12 of the Conduct of Business sourcebook (COBS 12). The COBS 12 provisions address conflicts of interest and prescribe detailed obligations for creating and distributing investment research and non-independent research. Before 3 January 2018, COBS 12 gave effect to Articles 24 and 25 of Commission Directive 2006/73/EC (the MiFID Implementing Directive), which itself implemented the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). MiFID was subsequently replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (the MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together, the MiFID II framework). Both the MiFID II Directive and MiFIR entered into force on 2 July 2014. As amended, most of the MiFID II framework has applied since 3 January 2018, and EU Member States had until 3 July 2017 to transpose MiFID II’s provisions into domestic law...

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Web page updated on 21/05/2026

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