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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.

securities financing transaction

    (1) (in COBS161) an instance of stock lending or stock borrowing or the lending or borrowing of other financial instruments, a repurchase or reverse repurchase transaction, or a buy-sell back or sell-buy back transaction.49161

    155(1A) (in COLL, DEPP, EG, FEES192 and FUND) a transaction defined in article 3(11) of the Securities Financing Transactions Regulation as follows:

      1. 155(a) a repurchase transaction, as defined in article 3(9) of that regulation180;
      1. 155(b) securities or commodities lending and securities or commodities borrowing as defined in article 3(7) of that regulation180;
      1. 155(c) a buy-sell back transaction or sell-buy back transaction as defined in article 3(8) of that regulation180; and
      1. 155(d) a margin lending transaction as defined in article 3(10) of that regulation180.

    (1B) (in CASS) a securities financing transaction as defined in article 3(11) of the SFTR.161

    [Note: article 1(3) of the MiFID Delegated Directive]161

    (2) (in any other case) any of the following:49

      1. (a) a repurchase transaction; or
      1. (b) a securities or commodities lending or borrowing transaction; or
      1. (c) a margin lending transaction.