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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.

approved bank

    4613(except in COLL) (in relation to a bank account opened by a firm):

      1. (a) if the account is opened at a branch in the United Kingdom:
        1. (i) the Bank of England; or
        1. (ii) the central bank of a member state of the OECD; or
        1. (iii) a bank; or
        1. (iv) a building society18; or
        1. (v) a bank which is supervised by the central bank or other banking regulator of a member state of the OECD; or
      1. (b) if the account is opened elsewhere:
        1. (i) a bank in (a); or
        1. (ii) [deleted]154
        1. (iii) a bank which is regulated in the Isle of Man or the Channel Islands; or
      1. (c) a bank supervised by the South African Reserve Bank; or
      1. (d) any other bank that:
        1. (i) is subject to regulation by a national banking regulator;
        1. (ii) is required to provide audited accounts;
        1. (iii) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and
        1. (iv) has an annual audit report which is not materially qualified.

    (in COLL) any person falling within (a-c) and a credit institution established in an EEA State and duly authorised by the relevant Home State regulator.154