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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.

material current year losses

    67(in IPRU(INV) 13) losses of an amount equal to 10 per cent or more of the amount by which the own funds or the capital resources under IPRU(INV) 13.15 82 of an undertaking exceed the own funds or the capital resources under IPRU-INV 13.15 82needed to meet the minimum capital resources requirement – depending on the type of firm –82as prescribed in chapter 13.