Content Options

Content Options

View Options

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.

simple capital issuer

    45a BIPRU firm that meets the following conditions:

      1. (a) it does not raise capital through a special purpose vehicle;
      1. (b) it only includes non-convertible and non-exchangeable capital instruments in its capital resources;
      1. (c) (if it includes capital instruments in its capital resources on which coupons are payable) such coupons are not subject to a step-up;
      1. (d) it only includes capital instruments in its tier one capital resources consisting of ordinary shares, 121perpetual non-cumulative preference shares or partnership or limited liability partnership capital accounts;
      1. (e) it only includes non-redeemable capital instruments in its tier one capital resources; and
      1. (f) (if it includes capital instruments in its tier one capital resources on which coupons are payable) such coupons are non-cumulative, non-mandatory and in cash.