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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.

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Article 20 Treatment of collected initial margins

  1. (1)

    The collecting counterparty shall not rehypothecate, repledge nor otherwise reuse the collateral collected as initial margin.

  2. (2)

    Notwithstanding paragraph 1, a third-party holder may use the initial margin received in cash for reinvestment purposes.