Content Options

Content Options

View Options

SUP 8.4 Reliance on waivers

Application of waived rules

SUP 8.4.1GRP

If the FSA gives a firm a waiver, then the relevant rule no longer applies to the firm. But:

  1. (1)

    if a waiver directs that a rule is to apply to a firm with modifications, then contravention of the modified rule could lead to FSA enforcement action and (if applicable) a right of action under section 150 of the Act (Actions for damages); and

  2. (2)

    if a waiver is given subject to a condition, it will not apply to activities conducted in breach of the condition, and those activities, if in breach of the original rule, could lead to FSA enforcement action or such a right of action.

The effect of rule changes on waivers

SUP 8.4.2GRP

Substantive changes to the rules (this would not include simple editorial changes) in the Handbook may affect existing waivers, changing their practical effect and creating a need for a change to the original waiver. The FSA will consult on proposed rule changes. A firm should note proposed rule changes and discuss the impact on a waiver with its usual supervisory contact at the FSA.