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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.


    172research material or services:

      1. (1) concerning one or several financial instruments or other assets; or
      1. (2) concerning the issuers or potential issuers of financial instruments; or
      1. (3) closely related to a specific industry or market such that it informs views on financial instruments, assets or issuers within that sector,

    and which explicitly or implicitly recommends or suggests an investment strategy and provides a substantiated opinion as to the present or future value or price of such instruments or assets, or otherwise contains analysis and original insights and reaches conclusions based on new or existing information that could be used to inform an investment strategy or be capable of adding value to a firm’s decisions on behalf of clients.

    [Note: recital 28 to the MiFID Delegated Directive]