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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.

excluded security

    157any of the following investments:

      1. (a) a security whereby the issuer's ability to fulfil its88 payment obligations to the investor, or the investment returns received in connection with the security,88 are wholly or predominantly linked to, contingent on, highly sensitive to or dependent on, the performance of or changes in the value of shares, debentures or government and public securities, whether or not such performance or changes in value are measured directly or via a market index or indices, and provided the relevant shares and debentures are not themselves issued by special purpose vehicles;
      1. (b) a covered bond;
      1. (c) a security issued by88 an investment trust;
      1. (d) a share in a company resident outside the EEA, where that company would qualify for approval as an investment trust by the Commissioners for HM Revenue and Customs under sections 1158 and 1159 of the Corporation Tax Act 2010 if resident88 in the United Kingdom;
      1. (e) a share in a venture capital trust;
      1. (f) a share in a company to which Part 12 of the Corporation Tax Act 2010 (Real Estate Investment Trusts) applies or a member of a group to which that Part applies;
      1. (g) an exchange traded product.;88
      1. (h) a security issued by a regulated collective investment scheme other than:155
        1. (A) 155a qualified investor scheme; or15588
        1. (B) a long-term asset fund.155