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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.

CAD investment firm


    a firm that is subject to the requirements imposed by the UK implementation of230 MiFID (or a firm which would be subject to those requirements230 if its head office were in the UK230) but excluding a bank, a building society, a credit institution, a local firm211 and an exempt CAD firm that meets the following conditions:

      1. (a) it is a firm as defined in article 4(1)(2)(c) of the UK CRR230;
      1. (b) it is authorised to provide one or more the following investment services:
        1. (i) (execution of orders on behalf of clients;
        1. (ii) portfolio management; and
      1. (c) it may provide one or more of the following investment services:
        1. (i) reception and transmission of orders in relation to one or more financial instruments;
        1. (ii) investment advice.