FUND Sch 4 Rules that can be waived

The FCA has the formal power to waive rules under sections 138A or section 250 of the Act (Modification or waiver of rules). However, the large majority of the rules in FUND are derived from AIFMD and it is not possible for the FCA to grant a waiver that would be incompatible with the UK's responsibilities under that directive. In practice, the ability of the FCA to waive rules in FUND is, therefore, severely constrained.