Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COCON TP 1 Transitional provisions: Miscellaneous

1(1)

(2)

(3)

(4)

(5)

(6)

Material to which the transitional provision applies

Transitional provision

Transitional provision: dates in force

Handbook provision coming into force

1

Row (6) of the table in COCON 1.1.2R (Table: To whom does COCON apply?)

R

Row (6) does not apply to an employee of an SMCR firm in SYSC TP 8.1.1R (Application, purpose and definitions).

During the firm’s individual transitional period (as defined in SYSC TP 8.1.5R (Table: glossary of bespoke terms used in SYSC TP 8)).

The rule in column (2) applies from the end of the firm’s individual transitional period (as defined in column (5)).

2

Row (6) of the table in COCON 1.1.2R (Table: To whom does COCON apply?)

G

The effect of COCON TP 1.1R is that an employee described in column (1) of row (6) of the table in that rule is not subject to COCON during the firm’s individual transitional period. If the firm does not have an individual transitional period (see SYSC TP 8.3.2G(3)), COCON TP 1.1R does not apply.

The definition of individual transitional period for the purposes of COCON TP 1.1R takes into account the extension of the period referred to in SYSC TP 8.1.5R made by The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929)3

As stated in COCON TP 1.1R.

As stated in COCON TP 1.1R.

23

Row (6) of the table in COCON 1.1.2R (Table: To whom does COCON apply?)

R

Row (6) does not apply to an employee of a pure benchmark SMCR firm.

Between 7 December 2020 and 7 December 2021

The rule in column (2) applies from the end of the period defined in column (5).

24

Row (6) of the table in COCON 1.1.2R (Table: To whom does COCON apply?)

G

The effect of COCON TP 1.3R is that an employee described in column (1) of row (6) of the table in COCON 1.1.2R is not subject to COCON until 7 December 2021.

As stated in COCON TP 1.3R.

As stated in COCON TP 1.3R.