138BADisapplication or modification of rules in individual cases

1

This section applies to rules made by a regulator if, or to the extent that, regulations made by the Treasury provide for it to apply.

2

The regulator may, on the application or with the consent of a person who is subject to the rules, give the person a permission that enables the person—

a

not to apply the rules, or

b

to apply the rules with the modifications specified in the permission.

3

Subsections (1) and (2) do not apply to—

a

rules made by either regulator under section 64A (rules of conduct);

b

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

c

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

d

rules made by the FCA under section 309Z(1) (rules of conduct).

4

The regulator may—

a

give permission under this section subject to conditions, and

b

revoke or vary permission given under this section.

5

Regulations under subsection (1) may make provision about procedural matters in relation to the giving of permission under this section.

6

Provision under subsection (5) may (among other things) include provision about—

a

the making of applications;

b

the determination of applications (including matters to be taken into account in doing so);

c

the giving and withdrawal of consent;

d

requirements as to notification or publication of decisions of a regulator under this section;

e

appeals in respect of decisions of a regulator under this section.

7

Before making regulations under this section in relation to rules made by a regulator the Treasury must consult the regulator.