The rule.
“A registered person is not able to approve a financial promotion.”
Verbatim extract, read on 4 November 2026 from the source below. Everything else on this page is NorthPoint’s plain-English reading.
What it requires.
- A registered person is not able to approve a financial promotion (COBS 4.10.3G(8)).
- Nor is it permitted to confirm the compliance of a financial promotion for the purpose of COBS 4.10.9AR(3) (COBS 4.10.9AR(4)). A third party's promotion needs an authorised approver or its own route through section 21.
Who it applies to.
Registered persons, and anyone who hoped a registered person could approve their cryptoasset promotion.
Common violations in marketing copy.
Our exchange partner approved this campaign, so we're covered.
A registered exchange cannot approve a third party's promotion.
Influencer scripts 'approved by [Registered Exchange] compliance'
Internal review is not approval under section 21 for someone else's communication.
Non-compliant vs compliant.
“Approved for UK distribution by [Registered Exchange].”
“This promotion was approved by [Authorised Firm], an FCA-authorised firm, on [date].”
Related rules.
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FPO Article 73ZA · United Kingdom
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COBS 4.1.7CR · United Kingdom
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COBS 4.1.7DG · United Kingdom
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NorthPoint’s long-form page.
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UK cryptoasset financial promotions (FSMA s21, the FPO and FCA COBS).
Source.
| Instrument | FCA Handbook, COBS (as amended by the Cryptoasset Financial Promotions Instrument 2023, FCA 2023/27) |
|---|---|
| Provision | COBS 4.10.3G(8) · 4.10.9AR(4) |
| Primary source | https://www.handbook.fca.org.uk/instrument/2023/FCA_2023_27.pdf |
| Official text | https://www.handbook.fca.org.uk/handbook/COBS/4/ |
| Read from | FCA 2023/27 as made (in force 8 October 2023), read from the FCA Handbook instrument PDF; the consolidated Handbook page is a script-rendered app the build session could not read |
| Checked |
This page is general, sourced information for marketing teams, not legal advice. The examples are written by NorthPoint to illustrate the rule; for a binding view on your own promotion, retain qualified counsel in the jurisdiction concerned.