1: The fraction is 6/52 where:
(c) the firm is an investment manager (including the operator of an unregulated collective investment scheme in relation to which the firm carries on the activity of an investment manager), unless paragraph 2 applies.
(a) itself holds customers' monies or assets; or
(b) procures the appointment as custodian of its customers' monies or assets of an associate of the firm which is not an approved bank.
[Note: Paragraph 1(a) above includes a firm which acts as an authorised unit trust manager and, in addition, is both or either:
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.
Status: This chapter was amended on 31 December 2020 as a result of Brexit. However, it is subject to the FCA Prudential Transitional Direction, which means that firms should not comply with these provisions yet. Instead, firms must follow this link and continue to comply with pre-IP completion day requirements https://www.handbook.fca.org.uk/handbook?date=31-12-2020&timeline=True (unless specified otherwise in the Direction). To see a full list of Handbook modules affected, please see Section B of the Annex to the Direction.