Any other non-MiFID business

The 12 specialist regimes in COB that deal with non-MiFID business [corporate finance, commodity and exotic derivatives, non-financial spread betting, service companies, locals, depositaries, Lloyds, Collective Investment Scheme (CIS) operators, occupational pension scheme (OPS) firms, authorised professional firms (APFs) carrying on non-mainstream regulated activities, UCITS qualifiers and investment companies with variable captial (ICVCs)] will, broadly, carry forward into NEWCOB, the FSA proposes in CP07/9 “Conduct of Business regime: non-MiFID deferred matters”. The associated applications, exemptions and modifications would be updated to fit the NEWCOB model and MiFID terminology and some rules could be taken out if viewed as redundant in a principles-based context: the prime example is the plan to remove nearly all the rules for designated investment relating to the Lloyd’s market.