UPRU Sch 6 Rules that can be waived

11.

The rules in this sourcebook can be waived by the FCA under Sections 138A and 138B,2 250 or 261L2 of the Act (Modification or waiver of rules) or regulation 7 of the OEIC Regulations (Modification or waiver of FCA rules).

2.

Although the FCA has the formal power of waiver under the Act in relation to these rules, much of this sourcebook implements the requirements of the UCITS Directive by ensuring that UCITS firms as UCITS management companies comply with such requirements. Accordingly, while formal power may exist to waive such UCITS Directive derived rules, the FCA's ability to do so is severely constrained.