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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.

SMCR financial activities

    174any of the following:

    (a) regulated activities;

    (b) an activity carried on in connection with a regulated activity (whether current, past or contemplated);

    (c) an activity held out as being for the purposes of a regulated activity (whether current, past or contemplated);

    (d) activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); or

    (e) activities listed in points 2 to 15 of the list of Annex 1 activities180.