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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.


    the investment, specified in article 77 of the Regulated Activities Order (Instruments creating or acknowledging indebtedness), which is in summary: any of the following which are not government and public securities:

      1. (a) debentures;
      1. (b) debenture stock;
      1. (c) loan stock;
      1. (d) bonds;
      1. (e) certificates of deposit;
      1. (f) any other instrument creating or acknowledging indebtedness.3