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(in COB ) (in relation to a transaction) any interest of a material nature, other than:(a) disclosable commission on the transaction;(b) goods or services which can reasonably be expected to assist in carrying on designated investment business with or for clients and which are provided or to be provided under a soft commission agreement or in compliance with COB 7.18.3 R (Use of dealing commission to purchase goods or services)
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outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Principles.
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(in ELM) the holdings and positions set out in ELM 2.4.17 R (Material holdings).