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Status: You are viewing the version of the handbook as on 2009-03-31.

DTR 1.2 Modifying rules and consulting the FSA

Modifying or dispensing with rules

DTR 1.2.1R

  1. (1)

    The FSA may dispense with, or modify, the disclosure rules in such cases and by reference to such circumstances as it considers appropriate (subject to the terms of directives and the Act).

  2. (2)

    A dispensation or modification may be either unconditional or subject to specified conditions.

  3. (3)

    If an issuer, person discharging managerial responsibilities or a connected person has applied for, or been granted, a dispensation or modification, it must notify the FSA immediately it becomes aware of any matter which is material to the relevance or appropriateness of the dispensation or modification.

  4. (4)

    The FSA may revoke or modify a dispensation or modification.

DTR 1.2.2R

  1. (1)

    An application to the FSA to dispense with or modify, a disclosure rule must be in writing.

  2. (2)

    The application must:

    1. (a)

      contain a clear explanation of why the dispensation or modification is requested;

    2. (b)

      include details of any special requirements, for example, the date by which the dispensation or modification is required;

    3. (c)

      contain all relevant information that should reasonably be brought to the FSA's attention;

    4. (d)

      contain any statement or information that is required by the disclosure rule to be included for a specific type of dispensation or modification; and

    5. (e)

      include copies of all documents relevant to the application.

DTR 1.2.3G

An application to dispense with or modify a disclosure rule should ordinarily be made at least five business days before the proposed dispensation or modification is to take effect.

Early consultation with FSA

DTR 1.2.4GRP

An issuer, person discharging managerial responsibilities or connected person should consult with the FSA at the earliest possible stage if they:

  1. (1)

    are in doubt about how the disclosure rules apply in a particular situation; or

  2. (2)

    consider that it may be necessary for the FSA to dispense with or modify a disclosure rule.

    Address for correspondence

    Note: The FSA's address for correspondence in relation to the disclosure rules is:

    Company Monitoring Team

    Markets Division

    The Financial Services Authority

    25 The North Colonnade

    Canary Wharf

    London E14 5HS

    Fax: 020 7066 8368