The FCA has updated its webpage relating to the COBS modification by consent. The modification is available to authorised fund managers of UCITS schemes, investment companies with variable capital (ICVCs) that are UCITS schemes and firms that sell, personally recommend or arrange the sale of units in a UCITS scheme or an EEA UCITS scheme that is a recognised scheme. It allows these firms to provide a KIID to a client after the transaction has taken place, rather than before the transaction, provided the client has given instructions by a means of distance communication and the firm is not able to provide the document in good time before the transaction is concluded. The modification was previously valid until 30 June 2016, but this has been extended to 31 December 2018, or until the relevant rules are, revoked, amended or no longer apply.