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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 15 Transactions to which the exemption in Article 1(6) of Regulation (EU) No 600/2014 does not apply (Article 1(7) of Regulation (EU) No 600/2014)

Article 1(6) of Regulation (EU) No 600/2014 shall not apply to the following types of transactions entered into by a member of the ESCB, the central bank of Norway, the central bank of Iceland, the Treasury or the Bank of England for the performance of an investment operation that is unconnected with that member's performance of one of the tasks referred to in Article 14:

  1. (a)

    transactions entered into for the management of its own funds;

  2. (b)

    transactions entered into for administrative purposes or for the staff of the member of the ESCB, the central bank of Norway, the central bank of Iceland, the Treasury or the Bank of England which include transactions conducted in the capacity as administrator of a pension scheme for its staff;

  3. (c)

    transactions entered into for its investment portfolio pursuant to obligations under national law.

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.