Content Options

Add to favourites

View Options

More Resources:

External link Handbook Publications

SUP 8.2 Introduction

Waivers under section 148 of the Act

SUP 8.2.1GRP

Under section 148of the Act (Modification or waiver of rules), the FSA may, on the application or with the consent of a firm, direct that certain rules (see SUP 8.2.6 G to SUP 8.2.8 G):

  1. (1)

    are not to apply to the firm; or

  2. (2)

    are to apply to the firm with such modifications as may be specified.

SUP 8.2.2GRP

The directions referred to in SUP 8.2.1 G (1) and SUP 8.2.1 G (2) are collectively referred to in the Handbook as waivers.

Waivers of rules in CIS

SUP 8.2.3GRP

Section 250 of the Act and regulation 7 of the OEIC Regulations allow the FSA to waive the application of certain rules in COLL and CIS to:

  1. (1)

    a person, as respects a particular AUT or ICVC, on the application or with the consent of that person; and

  2. (2)

    an AUT or ICVC on the application or with the consent of the manager and trustee (in the case of an AUT) or the ICVC and its depositary (in the case of an ICVC).2

SUP 8.2.4GRP

Those persons to whom section 250and regulation 7 of the OEIC Regulations are relevant, but who are not firms, should follow SUP 8 as if they were firms.

SUP 8.2.5GRP

Section 250 of the Act and regulation 7 of the OEIC Regulations work by giving effect to section 148of the Act in respect of waivers given under section 250(2) and (3) and regulation 7(1) and (2) of the OEIC Regulations.

Rules which can be waived

SUP 8.2.6G

The rules which the FSA can waive are listed in section 148(1) and 250(1) of the Act and regulation 7 of the OEIC Regulations, and are set out in SUP 8.2.7 G.

SUP 8.2.7G

Rules which can be waived (see SUP 8.2.6 G)

Rules

Section of the Act or other provision under which rules are made

Chapters of the Handbook where such rules appear (Note 1)

Auditors and Actuaries rules (Appointment) (Note 2)

Section 340

SUP 3 and SUP 4

Control of information rules

Section 147

COB 2.4

Financial promotion rules

Section 145

COB 3, ICOB 3, 3MCOB 3, 1PRIN and SYSC

General rules

Section 138

Throughout the Handbook

Insurance business rules

Section 141

INSPRU7

7

Money laundering rules

Section 146

SYSC 3.25 and SYSC 6.36

5

Price stabilising rules

Section 144

MAR 2

Authorised unit trust scheme rules

Section 247

COLL and CIS

Authorised unit trust scheme particulars rules

Section 248

COLL and CIS

Investment company with variable capital rules

Regulation 6 of the OEIC Regulations

COLL and CIS

Information from small e-money issuers rules

Article 9G(1) of the Regulated Activities Order

ELM 8.7

Rules prohibiting the issue of e-money at a discount

Article 9H(1) of the Regulated Activities Order

ELM 4.4

Continued rules

Article 4 of the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001

IPRU(INV) (the continued provisions) SUP (parts of SUP 16 Ann 10)

7

Continued provisions

Article 9 of the Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002

CRED 7, CRED 14

Note 1 = There are also relevant incidental, supplemental, consequential and transitional rules made under those powers in various parts of the Handbook, including relevant application provisions, GEN, the Glossary and relevant schedules of transitional provisions.

Note 2 = The FSA does not have the power to waive the application of auditors and actuaries rules, if those rules apply directly to an auditor or actuary, as opposed to applying to a firm. Schedule 6 to the Supervision manual identifies those auditors and actuaries rules in SUP 3 and SUP 4 which can be waived.
SUP 8.2.8G

Schedule 6 identifies those rules that can and cannot be waived.