SIFA 16.1 General approach

We may, on the application or with the consent of your firm, state that certain rules:

• are not to apply to your firm; or
• are to apply to your firm with specified modifications.

Under FSMA we can only grant a waiver where we are satisfied that:

• compliance by your firm with the rule would be unduly burdensome or would not achieve the purpose for which the rule was made; and
• the waiver would not result in undue risk to persons whose interests the rules are intended to protect.

SUP 8 sets out our approach to waivers. Most but not all rules can be waived (see SUP 8.2.6 G to SUP 8.2.8 G). Schedule 6 to each sourcebook identifies the rules in that sourcebook that can and cannot be waived.

Unless there are exceptional circumstances, we normally publish the details of waivers we have given. You can view the details of published waivers through the FSA Register which we update monthly. Before you do so, you will need to know the name of the firm or the rule that has been waived. You can access the FSA Register from our website.