SUP 21.1 Form of waiver for energy market participants

SUP 21.1.1 G RP

1 SUP 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 21.1.2 G RP

Energy market participants should bear in mind that3sections 138A and 138B of the Act requires that in order to give a waiver of particular rules, the FCA4 must be satisfied that:

4 3 4 4
  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 21.1.3 G RP

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 21.1.4 G RP

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.

SUP 21 Annex 1


This annex consists only of one or more forms. Forms are to be found through the following address:

1 Form of Waiver: Energy Market Participant - sup_chapter 21