MIGI 17.2 Waivers and rule modifications

We can only grant a waiver where we are satisfied that:

1. (1)

   compliance by your firm with the rule would be unduly burdensome or would not achieve the rule's purpose; and

2. (2)

   the waiver would not result in undue risk to persons whose interests the rules are intended to protect.

We do not grant waivers indefinitely. Your firm must reapply before a waiver expires if you wish it to continue. SUP 8 sets out our approach to waivers. Not all rules can be waived (see SUP 8.2.6 G to SUP 8.2.8 G). Schedule 6 to each sourcebook or manual identifies the rules in that sourcebook that can and cannot be waived.

Unless there are exceptional circumstances, we normally publish details of waivers we have given. You can view the details of published waivers through the FSA Register. Before you do so, you will need to know the name of the firm. You can also view waivers in a consolidated list by rule. We update the list monthly.

Authorised persons wishing to apply for a waiver should complete the 'waiver' application form available from 'Firms Online' at www.fsa.gov.uk/pages/Doing/Regulated/Firms/ or by calling the Firm Contact Centre on 0845 606 9966 for further information about how to apply.

In exceptional circumstances where we consider that a waiver should apply to a number of firms, we may tell the firms concerned that the waiver is available. These firms will not have to make a formal application but will have to give their consent for the waiver to apply to them. You will find a list of 'waivers by consent' on the following FSA waivers page, which may be applicable to your firm (www.fsa.gov.uk/Pages/doing/regulated/notify/waiver/consent/index.shtml).