COBS Sch 6 Rules that can be waived

As a result of section 138A of the Act (Modification or waiver of rules) 5the FCA 5has power to waive all its rules, other than rules made under section 137O (Threshold condition code), 5section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FCA 5to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.2