PR Sch 6 Rules that can be waived

2As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the FSA has power to waive all its rules, other than rules made under section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.1

In addition section 87B (Exemptions from disclosure) of the Act provides the FSA with discretion to authorise omissions from disclosure requirements derived from the Prospectus Directive in the circumstances specified in that section.2