PR Sch 6 Rules that can be waived

2As a result of section 138A of the Act (Modification or waiver of rules)4 the FCA4 has power to waive all its rules, other than rules made under section 137O (Threshold condition code),4 section 247 (Trust scheme rules), section 248 (Scheme particular rules), section 261I (Contractual scheme rules) or section 261J (Contractual scheme particulars rules)3 of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FCA4 to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.1

In addition section 87B (Exemptions from disclosure) of the Act provides the FCA with discretion to authorise omissions from disclosure requirements derived from the Prospectus Directive in the circumstances specified in that section.2