PART 2APPLICATIONS FOR PERMISSIONS

Exercise of functions under F1section 138A of the Act for the purpose of applying a decision or a joint decision8

1

F2An appropriate regulator may exercise the powers conferred by F3section 138A of the Act (modification or waiver of rules) if it appears desirable to do so for the purpose of applying a decision or a joint decision.

2

In such a case the requirements contained in—

a

F4subsections (1) and (7)(b) of section 138A for that appropriate regulator’s powers to be exercisable only on the application or with the consent of an authorised person; and

b

F5section 138A(4),

shall not apply.