DTR 1C.2 Modifying rules and consulting the FCA
Modifying or dispensing with rules
- (1)
The FCA may dispense with, or modify, a requirement in DTR 8 in such cases and by reference to such circumstances as it considers appropriate (subject to the Act).
- (2)
A dispensation or modification may be either unconditional or subject to specified conditions.
- (3)
If a primary information provider or a person that is applying for approval as a primary information provider 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 requirement in DTR 8 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 DTR 8 to be included for a specific type of dispensation or modification; and
- (e)
include copies of all documents relevant to the application.
[Note: the application may meet this requirement with copies of documents produced, recorded or stored using electronic means].2
- (a)
An application to dispense with or modify a requirement in DTR 8 must ordinarily be made at least five business days before the proposed dispensation or modification is to take effect.
Early consultation with FCA
A primary information provider or a person applying for approval as a primary information provider must consult with the FCA at the earliest possible stage if they:
Where a requirement in DTR 8 refers to consultation with the FCA, submissions must be made in writing other than in circumstances of exceptional urgency.
Address for correspondence
Note: The FCA's address for correspondence in relation to DTR 8 is:
Primary Market Monitoring2
Enforcement and Market Oversight Division2
The Financial Conduct Authority2
12 Endeavour Square2
London, E20 1JN2
https://www.fca.org.uk/markets/primary-markets/contact/request-individual-guidance 2
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