C2Part XVIII Recognised Investment Exchanges and Clearing Houses

Annotations:
Modifications etc. (not altering text)

Chapter I Exemption

Supervision

C1I1294 Modification or waiver of rules.

1

The Authority may, on the application or with the consent of a recognised body, direct that rules made under section 293 or 295—

a

are not to apply to the body; or

b

are to apply to the body with such modifications as may be specified in the direction.

2

An application must be made in such manner as the Authority may direct.

3

Subsections (4) to (6) apply to a direction given under subsection (1).

4

The Authority may not give a direction unless it is satisfied that—

a

compliance by the recognised body 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 result in undue risk to persons whose interests the rules are intended to protect.

5

A direction may be given subject to conditions.

6

The Authority may—

a

revoke a direction; or

b

vary it on the application, or with the consent, of the recognised body to which it relates.