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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.

credit institution

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      1. (1) (except in REC and SUP 16230):
        1. (a) has the meaning in article 4(1)(1) of the UK CRR230; or
        1. (b) [deleted]
        1. (c) [deleted]
        1. (d) [deleted]
      1. (2) (in REC and in SUP 11 (Controllers and close links) and SUP 16 (Reporting requirements)):
        1. (a) a credit institution which has permission under Part 4A of the Act to carry on the regulated activity of accepting deposits230; or
        1. (b) an institution which would satisfy the requirements for authorisation as a credit institution under Part 4A of the Act230 if it had its registered office (or if it does not have a registered office, its head office) in the UK230.
      1. (3) (in relation to the definition of electronic money issuer and payment service provider215) a credit institution as defined by (1)(a) and includes a branch of the credit institution within the meaning of article 4(1)(17) of the UK CRR230 which is situated within the UK230 and which has its head office in a territory outside the UK230.

    [Note: article 47 of the CRD]230