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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.


    19(for the purposes of BIPRU 7 (Market risk)) to undertake a firm commitment to buy a specified quantity of new securities on a given date and at a given price if no other has purchased or acquired them; and so that:

      1. (a) new is defined in BIPRU 7.8.12R (New securities);
      1. (b) a firm still underwrites securities at a time before the exact quantity of securities being underwritten or their price has been determined if it is committed at that time to underwrite them when the quantity and price is fixed;
      1. (c) (in the case of provisions of the Handbook that distinguish between underwriting and sub- underwriting) underwriting does not include sub-underwriting; and
      1. (d) (in any other case) underwriting includes sub-underwriting.