CIS Sch 6 Rules that can be waived

1.

The FSA may waive any rule in CIS in relation to AUTs under section 250 of the Act (Modification or waiver of rules), except CIS 2.3.3 R and CIS 16.5.1 R.

2.

The FSA may waive any rule in CIS in relation to ICVCs under section 250 of the Act (Modification or waiver of rules), except CIS 2.3.3 R.

3.

Although the FSA has the formal power of waiver under the Act in relation to these rules, much of CIS is designed to ensure that relevant authorised funds comply with the conditions in the UCITS Directive. Accordingly, it is most unlikely that in practice UCITS Directive derived rules in CIS would be waived.3