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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.

consolidation Article 12(1) relationship

    22a relationship between an undertaking (“U1”)230 and one or more other undertakings (“U2”) which satisfies the following conditions230.

      1. (a) U1 and U2 are not connected in the manner described in section 1162230; and
      1. (b) either230:
        1. (i) U1 and U2230 are managed on a unified basis pursuant to a contract with U1, or provisions in the U2’s230 memorandum or articles of association230; or
        1. (ii) the administrative, management or supervisory bodies of U2230 consist, for the major part, of the same persons in office as U1230 during the financial year of U1 for230 which it is being decided whether such a relationship exists.