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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.

higher volatility fund

      1. (a) a regulated collective investment scheme which is:12
        1. (i) a scheme where the investment policies which the operator adopts, or proposes to adopt, mean that, as a result of making investments in warrants or derivatives, or through borrowing that is not temporary in nature, movements in the price of units are likely to be significantly amplified; or12
        1. (ii) an umbrella with a sub-fund that would fall within (i) if that sub-fund were a separate scheme; or12
      1. (b) an authorised fund dedicated to units in:12
        1. (i) a number of regulated collective investment schemes; or12
        1. (ii) sub-funds of one or more umbrellas that are regulated collective investment schemes;12
        any one of which falls within (a).12