MIGI 17
Waivers and rule modifications
MIGI 17.1
Introduction
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MIGI 17.1.1
See Notes
We may, on the application or with the consent of your firm, direct that certain rules:
(1) are not to apply to your firm; or
(2) are to apply to your firm with specified modifications.
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MIGI 17.1.2
See Notes
This chapter explains the circumstances in which we will grant a waiver or rule modification and how you should apply for one.
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MIGI 17.2
Waivers and rule modifications
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What is the FSA's general approach to waivers and rule modifications?
MIGI 17.2.1
See Notes
We can only grant a waiver where we are satisfied that:
(1) compliance by your firm with the rule would be unduly burdensome or would not achieve the purpose for which the rule was made; and
(2) the waiver would not result in undue risk to persons whose interests the rules are intended to protect.
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MIGI 17.2.2
See Notes
SUP 8 sets out our approach to waivers. Not all rules can be waived (see SUP 8.2.6 G to SUP 8.2.8 G). Schedule 6 to each sourcebook or manual identifies the rules in that sourcebook that can and cannot be waived.
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MIGI 17.2.3
See Notes
Unless there are exceptional circumstances, we normally publish details of waivers we have given. You can view the details of published waivers through the FSA Register. Before you do so, you will need to know the name of the firm. You can also view waivers in a consolidated list by rule. We update the list monthly.
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MIGI 17.2.4
See Notes
If you consider that the conditions in paragraphs 17.2.1 and 17.2.2 above are satisfied and you wish to apply for a waiver, please get in touch with the Contact Centre (see Part I, paragraph 20.1.11 for contact details) for further information about how to apply.
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What is waiver by consent?
MIGI 17.2.5
See Notes
In exceptional circumstances where we consider that a waiver should apply to a number of firms, we may tell the firms concerned that the waiver is available. These firms will not have to make a formal application but will have to give their consent for the waiver to apply to them.
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