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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.

relevant collateral

    in relation to a transaction:

      1. (a) cash;
      1. (b) letters of credit and guarantees to the extent of their face value, issued by an approved bank which is neither a counterparty nor an associate of a counterparty;
      1. (c) gold and silver bullion and coinage;
      1. (d) marketable investments;
      1. (e) the performance guarantees issued in support of the securities lending and borrowing programmes of Euroclear and Cedel, in respect only of exposure arising from participation in such programmes;

    subject in each case to:

        1. (i) the firm having an unconditional right to apply or realise the relevant collateral for the purpose of repaying a counterparty's obligations;
        1. (ii) marketable investments:
          1. (A) being marked to market daily using the valuation principles in IPRU(INV) 3.41(9)R;
          1. (B) not being issued by a counterparty nor by an associate of a counterparty.5