Financial Services and Markets Act 2000

Status:

Point in time view as at 18/09/2023. This version of this provision has been superseded.

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Financial Services and Markets Act 2000, Section 138A is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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[F1138AModification or waiver of rulesU.K.

This section has no associated Explanatory Notes

(1)Either regulator may, on the application or with the consent of a person who is subject to rules made by that regulator, direct that all or any of those rules—

(a)are not to apply to that person, or

(b)are to apply to that person with such modifications as may be specified in the direction.

(2)Subsection (1) does not apply to—

[F2(za)rules made by either regulator under section 64A (rules of conduct);]

(a)rules made by either regulator under section 137O (threshold condition code);

(b)rules made by the FCA under section 247 (trust scheme rules) [F3, section 248 (scheme particulars rules), section 261I (contractual scheme rules) or section 261J (contractual scheme particulars rules)];

[F4(c)rules made by the FCA under section 309Z1 (rules of conduct).]

(3)An application must be made in such manner as the regulator may direct.

(4)A regulator may not give a direction unless it is satisfied that—

(a)compliance by the person with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made, and

(b)the direction would not adversely affect the advancement of any of the regulator's objectives.

(5)In subsection (4)(b) “objectives”, in relation to the FCA, means operational objectives.

(6)A direction may be given subject to conditions.

(7)The regulator may—

(a)revoke a direction, or

(b)vary it on the application, or with the consent, of the person to whom it relates.

(8)“Direction” means a direction under this section.]

Textual Amendments

F1Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.