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matched principal exemption conditions

40 (for the purposes of any limitation that is placed on a firm’s permission to deal as principal):154

  1. 91(1) (for a firm that would have been subject to BIPRU on 31 December 2021)154 the conditions set out in BIPRU 1.1.23 R(2) (Meaning of dealing on own account), as they applied on 31 December 2021154. 91
  2. (2) (for a firm that would have been subject to IFPRU on 31 December 2021154) the conditions set out in IFPRU 1.1.12R (Meaning of dealing on own account), as they applied on 31 December 2021154.91