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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.

advising on investments (except P2P agreements)

    131the regulated activity, specified in article 53(1) of the Regulated Activities Order (Advising on investments), which is in summary: advising a person if the advice is:

      1. (1) given to the person in their capacity as an investor or potential investor, or in their capacity as agent for an investor or a potential investor; and
      1. (2) advice on the merits of their doing any of the following (whether as principal or agent):
        1. (a) buying, selling, subscribing for, exchanging, redeeming, holding176143 or underwriting a particular investment which is a security, structured deposit175 or relevant investment (that is, any designated investment (other than a P2P agreement), funeral plan contract, pure protection contract, general insurance contract,139175 right to or interests in a funeral plan contract or structured deposit139175); or
        1. (b) exercising or not exercising176143 any right conferred by such an investment to buy, sell, subscribe for, exchange or redeem176143 such an investment,176143
        but excluding the provision of non-personal recommendation advice where the person providing that advice is appropriately authorised (see article 53(1A) to (1D) of the Regulated Activities Order).176143