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.

PRIN 3.1 Who?


PRIN applies to every firm, except that it does not apply to a firm in relation to its carrying on of auction regulation bidding.20

PRIN 3.1.2G


PRIN 3.1.3G





2A firm or other person17 will not be subject to a Principle to the extent that it would be contrary to the requirements of an EU measure passed or made before IP completion day19, to the extent that those requirements continue to have effect after IP completion day19 under the EUWA15.


2PRIN 4 provides specific guidance on the application of the Principles for MiFID business.


3The Principles will not apply to the extent that they purport to impose an obligation which is inconsistent with requirements which implemented15 the Payment Services Directive, the11 Consumer Credit Directive10 or the Electronic Money Directive.5 For example, there may be circumstances in which Principle 6 may be limited by the conduct of business obligations derived from15 the Payment Services Directive and the14 Electronic Money Directive5 and applicable15 to payment service providers and electronic money issuers17 (see Parts 6 and 714 of the Payment Services Regulations and Part 5 of the Electronic Money Regulations) or derived from15 the Consumer Credit Directive (see, for example, the information requirements in the Consumer Credit (Disclosure of Information) Regulations 2010 (SI 2010/1013)).105

PRIN 3.1.9R

16PRIN applies to a TP firm, except that Principle 4 only applies to the extent that a TP firm is subject to rules relating to capital adequacy.

PRIN 3.1.10R

16Only Principles 1, 2, 3, 7, 9 and 11 apply to a TP UCITS qualifier and a TP AIFM qualifier, and only with respect to the activities in PRIN 3.2.2R (Communication and approval of financial promotions).

PRIN 3.1.11G

16For the purposes of PRIN 3.1.9R, a TP firm should refer to GEN 2.2.30R and GEN 2.2.31G to determine which rules relating to capital adequacy apply to it.