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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.

permitted derivatives contract

    in relation to permitted links, a contract involving a derivative or quasi-derivative that:

      1. (a) (for a Solvency II firm) satisfies COBS 21.3.13 R to COBS 21.3.14 G, as applied in relation to assets covering liabilities in respect of linked long-term contracts of insurance; and
      1. (b) (for an insurer which is not a Solvency II firm) satisfies INSPRU 3.2.5 R to INSPRU 3.2.35A G with the exception of INSPRU 3.2.18 R, as applied in relation to assets covering liabilities in respect of linked long-term contracts of insurance.