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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.

warrant

      1. (1) (except in12 COLL 12 ) the investment, specified in article 79 of the Regulated Activities Order (Instruments giving entitlements to investments), which is in summary: a warrant or other instrument entitling the holder to subscribe for a share, debenture, alternative debenture20 or government and public security.
      1. (2) (in12 COLL 12 ) an investment in (1) and any other transferable security (not being a nil paid or partly paid security) which is:
        1. (i) listed on an eligible securities market; and
        1. (ii) akin to an investment within (1) in that it involves a down payment by the then holder and a right later to surrender the instrument and to pay more money in return for a further transferable security.3