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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.

small business

    (1)178 (in COMP and in the definition of relevant credit union client159) a partnership, body corporate, unincorporated association or mutual association with an annual turnover of less than £1 million (or its equivalent in any other currency at the relevant time).5

    (2) (in DISP) an enterprise which:178

      1. (a) is not a micro-enterprise;178
      1. (b) has an annual turnover of less than £6.5 million (or its equivalent in any other currency); and178
        1. (i) employs fewer than 50 persons; or178
        1. (ii) has a balance sheet total of less than £5 million (or its equivalent in any other currency),178
        and in determining whether these criteria are met articles 3 to 6 of the Annex to the Micro-enterprise Recommendation must be applied.178