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TC TP 7 Transitional provisions relating to waivers from existing examination requirements1




This provision applies to a firm which benefited from a waiver from an examination requirement in TC prior to 1 November 2007 in respect of an employee. If such a firm would otherwise find itself in breach of an examination requirement in TC from that date as a result of the re-categorisation of clients in COBS, the firm may allow that employee to continue carrying on the activities in respect of which the waiver was granted until 31 October 2008 though he has yet to satisfy the relevant examination requirement in TC.


If an employee of a firm is exempted from an examination requirement under TC TP 7.1(1) and any other firm subsequently employs the individual, that exemption continues to apply in respect of that subsequent employment on the same basis provided that:


the activity which the employee carries on continues to be the same, or substantially the same, as that in respect of which the employee had previously enjoyed the benefit of the exemption; and


the employee had not experienced any significant break in employment since the last employment in respect of which the relevant exemption was granted.