The information required to be provided in Part A of the local file for an IRP transaction/RAS includes providing the Transaction IDs of all directly connected IRP transactions/RASs. IRP transactions will be directly connected where the transactions are connected on their face or collectively form part of a broader arrangement.
- The Research and development services IRP transaction detailed at Table 8, the rights to use IP IRP transaction detailed at Table 12 and the assignment of IP IRP transaction detailed at Table 54 are directly connected IRP transactions.
- Other examples of directly connected IRP transactions/RASs include:
- IRP transactions/RASs which facilitate a business restructure event, such as that described in Example 2 of the Local file – short form
- IRP transactions/RASs which hedges or offsets an exposure and the IRP transactions/RAS which created the exposure
Note: Whether IRP transactions/RASs are directly connected requires a consideration of whether the transactions form part of a broader arrangement. The mere fact that IRP transactions/RASs are entered into in close proximity or with the same counterparty does not result in those IRP transactions/RASs being directly connected transactions in themselves.