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

DTR 1A.2 Modifying rules and consulting the FSA

Modifying or dispensing with rules

DTR 1A.2.1RRP
  1. (1)

    The FSA may dispense with, or modify, the transparency 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, or other 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 1A.2.2RRP
  1. (1)

    An application to the FSA to dispense with or modify, a transparency 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 transparency rules to be included for a specific type of dispensation or modification; and

    5. (e)

      include copies of all documents relevant to the application.

DTR 1A.2.3GRP

An application to dispense with or modify a transparency 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 1A.2.4GRP

An issuer or other person should consult with the FSA at the earliest possible stage if they:

  1. (1)

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

  2. (2)

    consider that it may be necessary for the FSA to dispense with or modify a transparency 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