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DTR 1A.2 Modifying rules and consulting the FCA

Modifying or dispensing with rules

DTR 1A.2.1RRP
  1. (1)

    The FCA may dispense with, or modify, the transparency rules in such cases and by reference to such circumstances as it considers appropriate (subject to the terms of directives and the Act).

  2. (2)

    A dispensation or modification may be either unconditional or subject to specified conditions.

  3. (3)

    If an issuer, or other person has applied for, or been granted, a dispensation or modification, it must notify the FCA immediately it becomes aware of any matter which is material to the relevance or appropriateness of the dispensation or modification.

  4. (4)

    The FCA may revoke or modify a dispensation or modification.

DTR 1A.2.2RRP
  1. (1)

    An application to the FCA to dispense with or modify, a transparency rule must be in writing.

  2. (2)

    The application must:

    1. (a)

      contain a clear explanation of why the dispensation or modification is requested;

    2. (b)

      include details of any special requirements, for example, the date by which the dispensation or modification is required;

    3. (c)

      contain all relevant information that should reasonably be brought to the FCA's attention;

    4. (d)

      contain any statement or information that is required by the transparency rules to be included for a specific type of dispensation or modification; and

    5. (e)

      include copies of all documents relevant to the application.

DTR 1A.2.3GRP

An application to dispense with or modify a transparency rule should ordinarily be made at least five business days before the proposed dispensation or modification is to take effect.

Early consultation with FCA

DTR 1A.2.4GRP

An issuer or other person should consult with the FCA at the earliest possible stage if they:

  1. (1)

    are in doubt about how the transparency rules apply in a particular situation; or

  2. (2)

    consider that it may be necessary for the FCA to dispense with or modify a transparency rule.

DTR 1A.2.5GRP

1Where a transparency rule refers to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency.

Address for correspondence

Note: The FCA's address for correspondence in relation to the transparency rules2 is:

Primary Market Monitoring

Enforcement and Markets Oversight Division2

The Financial Conduct Authority

12 Endeavour Square3

London, E20 1JN3