An overview of the rules and guidance before 3 January 2018 to which authorised firms that produced and disseminated investment research were subject, under chapter 12 of the FCA's Conduct of Business Sourcebook (COBS 12).

For details about the current rules that are largely derived from the MiFID II Directive (2014/65/EU), see Practice note, FCA rules on investment research requirements (COBS 12).