SECN 13.2 Cases in which rules can be dispensed with or modified

Sponsors, originators, SSPEs and original lenders subject to the rules set out in SECN 5 to SECN 8 and SECN 11 to SECN 14 may apply to the FCA for a decision that:

1. (a)

   the rule is not to apply to that person;

2. (b)

   the rule is to apply to the person with modifications; or

3. (c)

   the rule that was previously dispensed with or modified under (a) or (b) is to be varied.

With the consent of the person subject to the rule, the FCA may dispense with, modify or reimpose (with or without modifications) any of the rules set out in SECN 5 to SECN 8.

A decision that dispenses with, modifies or reimposes (with or without modification) a rule following an application under (1) and via consent under (2) may be varied, or revoked by a further decision on the FCA’s own initiative without the consent of the person subject to the rule.