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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.

debt capital

    60(in IPRU(INV) 13) a security of indeterminate duration or other instrument the debt agreement for which provides that:

      1. (a) it may not be reimbursed on the holder's initiative;
      1. (b) the borrower has the option of deferring the payment of interest on the debt;
      1. (c) the lender's claims on the borrower must be wholly subordinated to those of all non-subordinated creditors;
      1. (d) debt and unpaid interest should be such as to absorb losses, whilst leaving the borrower in a position to continue trading;

    and which is fully paid-up.