MIGI 17.2 Waivers and rule modifications

We can only grant a waiver where we are satisfied that:

1. (1)

   compliance by your firm with the rule would be unduly burdensome or would not achieve the purpose for which the rule was made; and

2. (2)

   the waiver would not result in undue risk to persons whose interests the rules are intended to protect.

SUP 8 sets out our approach to waivers. Not all rules can be waived (see SUP 8.2.6 G to SUP 8.2.8 G). Schedule 6 to each sourcebook or manual identifies the rules in that sourcebook that can and cannot be waived.

Unless there are exceptional circumstances, we normally publish details of waivers we have given. You can view the details of published waivers through the FSA Register. Before you do so, you will need to know the name of the firm. You can also view waivers in a consolidated list by rule. We update the list monthly.

If you consider that the conditions in paragraphs 17.2.1 and 17.2.2 above are satisfied and you wish to apply for a waiver, please get in touch with the Contact Centre (see Part I, paragraph 20.1.11 for contact details) for further information about how to apply.

In exceptional circumstances where we consider that a waiver should apply to a number of firms, we may tell the firms concerned that the waiver is available. These firms will not have to make a formal application but will have to give their consent for the waiver to apply to them.