SIFA 16
Waivers and rule modifications
SIFA 16.1
General approach
- 01/12/2004
SIFA 16.1.1
See Notes
We may, on the
application or with the consent of your firm, state that certain rules:
•are not to apply
to your firm; or•are to apply
to your firm with specified modifications.
- 09/09/2005
SIFA 16.1.2
See Notes
Under FSMA we
can only grant a waiver where we are satisfied that:
•compliance by
your firm with the rule would be unduly burdensome or would not achieve the
purpose for which the rule was made; and•the waiver would
not result in undue risk to persons whose interests the rules are intended
to protect.
- 09/09/2005
SIFA 16.1.3
See Notes
SUP 8 sets out our approach
to waivers. Most but not all rules can be waived (see SUP
8.2.6 G to SUP
8.2.8 G). Schedule 6 to
each sourcebook identifies the rules in that sourcebook that can and cannot
be waived.
- 09/09/2005
SIFA 16.1.4
See Notes
Unless
there are exceptional circumstances, we normally publish the details of waivers
we have given. You can view the details of published waivers through the FSA
Register which we update monthly. Before you do so, you will need to know
the name of the firm or the rule that has been waived. You can access the
FSA Register from our website.
- 09/09/2005
SIFA 16.2
Application for a Waiver
- 09/09/2005
SIFA 16.2.1
See Notes
You must use the standard form on our
website if you apply for a waiver (referred to at SUP
8.3.3 D and SUP
8 Annex 2 D). You can
access the form and submit it to us using Firms Online.
- 09/09/2005
SIFA 16.3
Waiver by Consent
- 09/09/2005
SIFA 16.3.1
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 written consent for
the waiver to apply to them.
If you do mortgage or general insurance business you should also refer to MIGI 17. |
- 09/09/2005