• GEN 8.2 GEN 8.2 Waivers or Modification

    • GEN 8.2.1

      This Rule applies to every Authorised Person and Recognised Body.

    • GEN 8.2.2

      Throughout the Rulebook reference to the written notice under the FSMR will be referred to as a "Waiver or Modification".

      Amended on (3 February, 2020).

    • GEN 8.2.3 GEN 8.2.3

      If an Authorised Person, Recognised Body, Foreign Fund Manager, Person making a Public Offer of Securities or Reporting Entity wishes to apply for a Waiver or Modification, it must apply in writing and the application must be delivered to the Regulator as outlined in Rule 8.2.4.

      Amended on (3 February, 2020).

      • Guidance

        Applications for a Waiver or Modification must be made in such form as the Regulator shall prescribe and the GPM sets out the Regulator's approach to considering a Waiver or Modification.

        Amended on (3 February, 2020).

    • GEN 8.2.4

      The application must contain:

      (1) the name and Financial Services Permission number of the Authorised Person or Recognised Body;
      (2) the Rule to which the application relates;
      (3) a clear explanation of the Waiver or Modification that is being applied for and the reason why the Authorised Person or Recognised Body is requesting the Waiver or Modification;
      (4) details of any other requirements; for example, if there is a specific period for which the Waiver or Modification is required;
      (5) the reason, if any, why the Waiver or Modification should not be published or why it should be published without disclosing the identity of the Authorised Person or Recognised Body; and
      (6) all relevant facts to support the application.
      Amended on (3 February, 2020).

    • GEN 8.2.5

      An Authorised Person and Recognised Body must immediately notify the Regulator if it becomes aware of any material change in circumstances which may affect the application for or the continuing relevance of a Waiver or Modification.

      Amended on (3 February, 2020).

    • Revocation and variation of Waivers or Modification

      • GEN 8.2.6

        The Regulator may revoke or vary a Waiver or Modification at any time. In deciding whether to revoke or vary a Waiver or Modification, the Regulator will consider whether the conditions in Rules 8.2.1 to 8.2.3 are no longer satisfied, and whether the Waiver or Modification is otherwise no longer appropriate.

        Amended on (3 February, 2020).

      • GEN 8.2.7

        If the Regulator proposes to revoke or vary a Waiver or Modification, or revokes or varies a Waiver or Modification with immediate effect, it will:

        (1) give the Authorised Person or Recognised Body written notice either of its proposal, or of its action, and may give reasons for such proposal or action; and
        (2) state in the notice a reasonable period within which the Authorised Person or Recognised Body can make representations about the proposal or action.
        Amended on (3 February, 2020).

      • GEN 8.2.8

        If the Authorised Person or Recognised Body wishes to make oral representations in accordance with its rights under Rule 8.2.7(2), it should:

        (1) inform the Regulator as soon as possible;
        (2) specify who will make the representations; and
        (3) specify which matters will be covered.

      • GEN 8.2.9

        Upon receipt of information from the Authorised Person or Recognised Body under Rule 8.2.8, the Regulator will inform the Authorised Person or Recognised Body of the time and place for hearing the representations and may request a written summary of such representations.

      • GEN 8.2.10

        After considering any representations made by an Authorised Person or Recognised Body under Rule 8.2.8:

        (1) in the case of a proposed revocation or variation, the Regulator will give the Authorised Person or Recognised Body written confirmation of its decision to revoke or vary the Waiver or Modification or not, as the case may be; or
        (2) in the case of a revocation or variation that has already taken effect, either confirm the revocation or variation or seek the Authorised Person or Recognised Body's consent to a new Waiver or Modification.
        Amended on (3 February, 2020).

      • GEN 8.2.11

        Alternatively, the Regulator may vary a Waiver or Modification with the Authorised Person or Recognised Body's consent, or upon the application of an Authorised Person or Recognised Body.

        Amended on (3 February, 2020).

      • GEN 8.2.12

        If an Authorised Person or Recognised Body wishes the Regulator to vary a Waiver or Modification, or the Regulator wishes to vary a Waiver or Modification with the consent of the relevant Authorised Person or Recognised Body, both the Authorised Person or Recognised Body and the Regulator should follow the procedures in this Rule.

        Amended on (3 February, 2020).

      • GEN 8.2.13

        If the Waiver or Modification that has been revoked or varied, as the case may be, has previously been published, the Regulator may publish the variation unless it is satisfied that it is inappropriate or unnecessary to do so, having regard to any representations made by the Authorised Person or Recognised Body.

        Amended on (3 February, 2020).