Argentex LLP

Limits on the record

• Assets requirement – fully lifted

  THE REQUIREMENTS IN PARAGRAPHS (1) TO (4) BELOW WERE ALL LIFTED ON 24 JULY 2025. 1. Argentex LLP will not, without the prior written consent of the Authority, in any way dispose of, withdraw, transfer, deal with or diminish the value of its own assets, whether in the UK or elsewhere. 2. Argentex LLP shall not make payments to the directors, shareholders or other senior management within Argentex LLP or its related entities within the Argentex Group PLC, other than salary, reasonable expenses and other contractually agreed sums (not including loans, dividends, share buybacks or other such payments) agreed prior to the Effective Date. Any payments after the Effective Date would require prior written consent by the Authority. 3. The asset restriction does not apply to monetary payments or the disposal of assets made by Argentex LLP in the ordinary course of business, amounting to no more than £10,000 whether as a single transaction or a combination of related transactions. Any payments amounting to more than £10,000 require written approval from the Authority prior to the payment being made. The Authority considers that the following would be in the ordinary course of business. a. transactions giving effect to instructions initiated by clients of the Firm, other than any clients that are also the Firm’s controllers, members, officers or employees; b. payments of funds to the Firm’s suppliers or other third parties in satisfaction of the Firm’s contractual and/or legal obligations (including but not limited to payments of or on account of professional fees or expenses, including but not limited to legal, compliance and/or other professional fees or expenses of any professionals or consultants appointed by the Firm to advise in connection with its wind down or otherwise); c. usual and proper salary payments made by the Firm; and d. the transfer or disposal of any of the Firm’s or its fund’s investment management agreements to any third party, provided that (a) the Firm gives the Authority no less than five working days’ prior written notice of any such transfer or disposal, such notice to include details of the investment management agreements to be transferred or disposed and the details of any counterparty, and (b) the Authority provides its written consent to the Firm for such a disposal. 4. For the purposes of paragraph 3, the Authority considers that the following payments would not be regarded as payments made in the ordinary course of business. a. payments of unusual or significant amounts to the Firm’s controllers, Directors, officers, employees or any connected persons (which shall include any management or performance fees); b. the making of any capital distribution or payment of any dividend; c. the making of any gift or loan by any Firm to any party; and d. payments made as part of any financial reorganisation of its business (whether share or asset based).

• The Firm must not, without the prior written consent of the FCA, carry out any regulated activities or carry out any electronic money services for which it is authorised by the FCA pursuant to Part 2 of the EMR

  Business Restriction (cease activity) 1. The Firm must not, without the prior written consent of the FCA: a. carry out any regulated activities or carry out any electronic money services for which it is authorised by the FCA pursuant to Part 2 of the EMR; b. register and/or onboard any new customers; or c. open any new FX trades or positions. 2. The Firm must take all reasonable steps to stop incoming payments from existing customers, including issuing appropriate communications to discourage further payments and also working with banking providers to ensure appropriate controls are implemented to block new payments.

• Requirements on trading activity and ILG compliance – partially lifted

  THE REQUIREMENTS IN PARAGRAPHS (2) AND (3) BELOW WERE LIFTED ON 24 JULY 2025. THE REQUIREMENTS IN PARAGRAPHS (1) AND (4) REMAIN IN PLACE. Restriction on regulated activities 1. The Firm’s trading activity position must not exceed £3,650,000,000 without prior written consent of the Authority. 2. [THIS REQUIREMENT HAS BEEN LIFTED] Within 10 business days of the Effective Date, the Firm must provide the FCA with a set of the actions it will take to comply with the ILG and a timeline for their completion. The Firm must ensure that the actions it proposes do not undermine the sustainability of the Firm’s business model. 3. [THIS REQUIREMENT HAS BEEN LIFTED] As soon as possible, but no longer than within 15 business days of the Effective Date, the Firm must ensure that it is in compliance with the ILG. 4. The Firm must not conduct or enter into any new options trades or MiFiD business for new or existing clients except where it is risk-reducing or without first obtaining the prior written consent of the Authority.