DTR 1.2 Modifying rules and consulting the FSA

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).

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

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.

The FSA may revoke or modify a dispensation or modification.

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

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.