DTR 1.2 Modifying rules and consulting the FCA
Modifying or dispensing with rules
- (1)
The FCA 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)
A dispensation or modification may be either unconditional or subject to specified conditions.
- (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 FCA immediately it becomes aware of any matter which is material to the relevance or appropriateness of the dispensation or modification.
- (4)
The FCA may revoke or modify a dispensation or modification.
- (1)
An application to the FCA to dispense with or modify, a disclosure rule must be in writing.
- (2)
The application must:
- (a)
contain a clear explanation of why the dispensation or modification is requested;
- (b)
include details of any special requirements, for example, the date by which the dispensation or modification is required;
- (c)
contain all relevant information that should reasonably be brought to the FCA's attention;
- (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
- (e)
include copies of all documents relevant to the application.
- (a)
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 FCA
An issuer, person discharging managerial responsibilities or connected person should consult with the FCA at the earliest possible stage if they:
- (1)
are in doubt about how the disclosure rules apply in a particular situation; or
- (2)
consider that it may be necessary for the FCA to dispense with or modify a disclosure rule.
1Where a disclosure rule refers to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency.
Address for correspondence
Note: The FCA's address for correspondence in relation to the disclosure rules is:
Primary Market Monitoring |
Markets Division |
The Financial Conduct Authority |
25 The North Colonnade |
Canary Wharf |
London E14 5HS |