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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.

You are viewing the version of the document as on 2021-01-01.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

Article 1 Definitions

For the purposes of this Regulation, "supervised persons" means any of the following:

  1. (a)

    an investment firm within the meaning given in Article 2(1A) of the Markets in Financial Instruments Regulation which:

    1. (i) has its registered office or head office in the United Kingdom;

    2. ii) has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on regulated activities relating to investment services and activities (as defined in Article 2(1)(2) of the Markets in Financial Instruments Regulation) in the United Kingdom;

    3. (iii) would require authorisation under Directive 2014/65/EU (as it had effect immediately before IP completion day) if it had its registered office (or if it does not have a registered office, its head offices) in an EEA state; and

    4. (iv) is not a firm which has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on regulated activities as an exempt investment firm, within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017;

  2. (b)

    a credit institution that satisfies the following conditions:

    1. (i) it is an authorised person within the meaning of section 31(1)(a) of the Financial Services and Markets Act 2000 and has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits;

    2. (ii) its registered office, or if it has no registered office, its head office, is in the United Kingdom; and

    3. (iii) it is not a credit union within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985, or a friendly society within the meaning of section 417(1) of the Financial Services and Markets Act 2000;

    and for the purposes of this paragraph, ‘regulated activity’ has the meaning in section 22 of the Financial Services and Markets Act 2000, and ‘accepting deposits’ has the meaning in Article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

  3. (c)

    financial counterparties as defined in Article 2(8) of Regulation (EU) No 648/2012 of the European Parliament and of the Council;

  4. (d)

    any person subject to authorisation, organisational requirements and supervision by "competent financial authority" or "national regulatory authority" as defined in Regulation (EU) No 1227/2011 of the European Parliament and of the Council;

  5. (e)

    any person subject to authorisation, organisational requirements and supervision by the Financial Conduct Authority or other UK regulators or agencies responsible for commodities spot or derivatives markets.

  6. (g)

    ‘IP completion day’ has the meaning given in the European Union (Withdrawal) Act 2018 establishing a scheme for greenhouse gas emission allowance trading.