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.

Article 14 Transactions to which the exemption in Article 1(6) of Regulation (EU) No 600/2014 applies (Article 1(6) of Regulation (EU) No 600/2014)

A transaction shall be considered to be entered into by a member of the European System of Central Banks (ESCB), the central bank of Norway, the central bank of Iceland, the Treasury or the Bank of England in performance of monetary, foreign exchange and financial stability policy where that transaction meets any of the following requirements:

  1. (a)

    the transaction is carried out for the purposes of monetary policy;

  2. (b)

    the transaction is a foreign-exchange operation;

  3. (c)

    the transaction is carried out for the purposes of financial stability policy.

The modification of the references to members of the ESCB made by paragraph 31baz of Annex IX (Financial Services) to the EEA Agreement does not have effect for the purposes of this Article.