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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.

ownership share

    in accordance with the definition of a "share" in section 422(6) of the Act (Controller):

      1. (a) (in relation to an undertaking with a share capital) an allotted share;
      1. (b) (in relation to an undertaking with capital but no share capital) a right to share in the capital of the undertaking ;
      1. (c) (in relation to an undertaking without capital) an interest:
        1. (i) conferring any right to share in the profits, or liability to contribute to the losses, of the undertaking ; or
        1. (ii) giving rise to an obligation to contribute to the debts or expenses of the undertaking in the event of a winding up.5