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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

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  1. Point in time

SUP 21.1 Form of waiver for energy market participants

SUP 21.1.1GRP

1SUP 21 Annex 1 sets out a form of waiver that the FCA will be minded to give to energy market participants in the exercise of its statutory discretion under sections 138A and 138B of the Act to grant a waiver of its2rules.

SUP 21.1.2GRP

Energy market participants should bear in mind that3 sections 138A and 138B of the Act requires that in order to give a waiver of particular rules, the FCA4 must be satisfied that:

  1. (1)

    compliance with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and

  2. (2)

    the waiver would not adversely affect the advancement of any of the FCA's operational objectives.4

SUP 21.1.3GRP

Accordingly, the FCA must be satisfied that the statutory criteria will be met in each case where an energy market participant applies for a waiver in the form in SUP 21 Annex 1.

SUP 21.1.4GRP

In particular, clause 4 of the form of waiver in SUP 21 Annex 1 will not ordinarily be inserted in waivers for energy market participants that will not, at the time the waiver will take effect, clearly satisfy the conditions set out in that clause. For these purposes the FCA will take into account the relative proportions of the energy market participant's assets and revenues that are referable to the various parts of its business, as well as to any other factor that the FCA considers is relevant to an assessment of the prudential risk presented by the energy market participant.