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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.

designated investment

      1. (1) a security or a contractually-based investment112 (other than a funeral plan contract and a right to or interest in a funeral plan contract), that is, any of the following investments, specified in Part III of the Regulated Activities Order (Specified Investments):106
        1. (a) life policy (subset of article 75 (Contracts of insurance));
        1. (b) share (article 76);
        1. (c) debenture (article 77);
        1. (ca) alternative debenture (article 77A);
        1. (d) government and public security (article 78);
        1. (e) warrant (article 79);
        1. (f) certificate representing certain securities (article 80);
        1. (g) unit (article 81);
        1. (h) stakeholder pension scheme (article 82(1))
        1. (ha) personal pension scheme (article 82(2));
        1. (hab) pension scheme which provides safeguarded benefits (article 82(3)) (but only in relation to advising on conversion or transfer of pension benefits);117
        1. (hb) 124 emissions auction product (article 82A); 139112
        1. (hc) emissions allowance (article 82B);112
        1. (i) option (article 83); for the purposes of the permission regime, this is sub-divided into:
          1. (i) option (excluding a commodity option and an option on a commodity future);
          1. (ii) commodity option and option on a commodity future;
        1. (j) future (article 84); for the purposes of the permission regime, this is sub-divided into:
          1. (i) future (excluding a commodity future and a rolling spot forex contract);
          1. (ii) commodity future;
          1. (iii) rolling spot forex contract;
        1. (k) contract for differences (article 85); for the purposes of the permission regime, this is sub-divided into:
          1. (i) contract for differences (excluding a spread bet and a rolling spot forex contract);
          1. (ii) spread bet;
          1. (iii) rolling spot forex contract;
          1. (iv) binary bet;115
        1. (l) rights to or interests in investments in (a) to (k) (article 89);106
      1. (2) a P2P agreement; and106
      1. (3) a long-term care insurance contract which is a pure protection contract.106
      1. (4) (in COLL) in addition and to the extent it does not fall within (1), a security or a contractually-based investment which would have been within the definition of “designated investment” in the FCA Handbook immediately before IP completion day137.124