UPRU Sch 6 Rules that can be waived

11.

The rules in this sourcebook can be waived by the FSA under section 148 or 250 of the Act (Modification or waiver of rules) or regulation 7 of the OEIC Regulations (Modification or waiver of FSA rules).

2.

Although the FSA has the formal power of waiver under the Act in relation to these rules, much of this sourcebook implements the requirements of the UCITS Directive by ensuring that UCITS firms as UCITS management companies comply with such requirements. Accordingly, while formal power may exist to waive such UCITS Directive derived rules, the FSA's ability to do so is severely constrained.