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Status: You are viewing the version of the handbook as on 2009-03-31.

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 its 9rules:

99
  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

[deleted]9

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SUP 8.2.7G

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SUP 8.2.8G

[deleted]9

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