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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.

borrower-lender agreement

    48in accordance with article 60L of the Regulated Activities Order,

      1. (a) a credit agreement:
        1. (i) to finance a transaction between the borrower and a person ("the supplier") other than the lender; and
        1. (ii) which is not made by the lender under pre-existing arrangements, or in contemplation of future arrangements, between the lender and the supplier,
      1. (b) a credit agreement to refinance any existing indebtedness of the borrower, whether to the lender or another person, or
      1. (c) a credit agreement which is:
        1. (i) an unrestricted-use credit agreement; and
        1. (ii) not made by the lender:
          1. (aa) under pre-existing arrangements between the lender and a person ("the supplier") other than the borrower, and
          1. (bb) in the knowledge that the credit is to be used to finance a transaction between the borrower and the supplier.