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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.

OPS firm

      1. (a) (except in IPRU(INV)) a firm which:
        1. (i) carries on OPS activity; and
        1. (ii) is one or more of the following:
          1. (A) a trustee of the occupational pension scheme in question;
          1. (B) a company owned by the trustees of the occupational pension scheme in question;
          1. (C) a company which is:
            1. (I) an employer in relation to the occupational pension scheme in question in respect of its employees or former employees or their dependants; or
            1. (II) a company within the group which includes an employer within (I); or
            1. (III) an administering authority subject to the Local Government Pension Scheme Regulations 2013 as in force on 1 April 201891; or36888936
      1. (b) a firm which:
        1. (i) has satisfied the requirements set out in (a) at any time during the past 12 months; but
        1. (ii) is no longer able to comply with those requirements because of a change in the control or ownership of the employer referred to in (a)(ii) during that period.4