23. Modification or waiver of rules

(1) The Registrar may, on the application or with the consent of a person who is subject to rules made under section 22, direct that all or any of those rules —
(a) are not to apply to that person; or
(b) are to apply to that person with such modifications as may be specified in the direction.
(2) An application must be made in such manner as the Registrar may direct.
(3) The Registrar may not give a direction unless it is satisfied that —
(a) compliance by the person with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and
(b) the direction would not adversely affect the interests of the Abu Dhabi Global Market.
(4) A direction may be given subject to conditions.
(5) The Registrar may —
(a) revoke a direction; or
(b) vary it on the application, or with the consent, of the person to whom it relates.
(6) "Direction" means a direction under this section.