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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.

conditional permitted unlisted securities

    251in relation to conditional permitted links, any investment (including a share, debt security, Treasury Bill, Tax Reserve Certificate or Certificate of Tax Deposit) that is not a permitted unlisted security or listed security, but provided always that the insurer is able to demonstrate, on a continuing basis, that the investment is realisable in a timeframe necessary to meet the liquidity requirements of the linked fund in which it is held.