CREDS Sch 6 Rules that can be waived

1The rules made in CREDS can be waived by the appropriate regulator under sections 138A and 138B (Modification or waiver of rules) of the Act. As a result of section 138A of the Act (Modification or waiver of rules) the FCA has the power to waive all its rules, other than rules made under section 137O (Threshold condition code), section 247 (Trust scheme rules), section 248 (Scheme particular rules) section 261I (Contractual scheme rules) or section 261J (Contractual scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FCA to grant a waiver that would be incompatible with the United Kingdom’s responsibilities under those directives.2

CREDS includes guidance on rules made in other parts of the Handbook. Reference should be made to those parts of the Handbook concerning waiver of those rules.