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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.

contract for differences

    (1)230 the investment, specified in article 85 of the Regulated Activities Order (Contracts for differences etc), which is in summary rights under:

      1. (a) a contract for differences; or
      1. (b) any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in:
        1. (i) the value or price of property of any description; or
        1. (ii) an index or other factor designated for that purpose in the contract52; or52
      1. (c) a derivative instrument for the transfer of credit risk to which article 85(3) of the Regulated Activities Order applies.52[Note: paragraph 8 of Section C of Annex 1 to MiFID]52

    (2) (in COLL) in addition and to the extent it does not fall within (1), an investment which would have been within the definition of “contract for differences” in the FCA Handbook immediately before IP completion day248.230