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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.

significant transaction

    146a transaction where:

      1. (a) the issuer has a market capitalisation of less than £1.5billion and has submitted to the FCA for approval or review a document in relation to a reverse takeover, hostile takeover or significant restructuring; or
      1. (b) the issuer has a market capitalisation that is equal to or more than £500million and less than £5billion and has submitted to the FCA for approval or review:
        1. (i) a prospectus for equity securities or specified exempted documents190; or
        1. (ii) a prospectus or listing particulars in relation to a certificate representing certain securities; or
        1. (iii) a document in relation to a class 1 transaction.