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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.

ancillary service

    (1) (except in CONC)107 any of the services listed in Part 3A of Schedule 2 to the Regulated Activities Order154, that is:

      1. (a) safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management but excluding maintaining securities accounts at the top tier level, (‘central maintenance service’) referred to in point 2 of Section A of the Annex to CSDR139173;
      1. (b) granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction;
      1. (c) advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings;
      1. (d) foreign exchange services where these are connected to the provision of investment services;
      1. (e) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;
      1. (f) services related to underwriting; and
      1. (g) investment services and activities included in Part 3 of Schedule 2 to the Regulated Activities Order,154 as well as ancillary services, of the type included in Part 3A,154 related to the underlying of the derivatives included in paragraphs 5, 6, 7 or 10 of Part 1 of Schedule 2 to the Regulated Activities Order where these are connected to the provision of investment or ancillary services.154

    [Note: article 2(3) of MiFIR154]

    107(2) (in CONC) a service that relates to entering into a regulated credit agreement as lender and includes, in particular, an insurance or payment protection policy.