50 Modification of conduct of business and financial resources rules for particular cases.U.K.
(1)The Secretary of State may, on the application of any person to whom any rules made under section 48 or 49 above apply, alter the requirements of the rules so as to adapt them to the circumstances of that person or to any particular kind of business carried on or to be carried on by him.
(2)The Secretary of State shall not exercise the powers conferred by subsection (1) above in any case unless it appears to him that—
(a)compliance with the requirements in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors; and
(b)the exercise of those powers will not result in any undue risk to investors.
(3)The powers conferred by subsection (1) above may be exercised unconditionally or subject to conditions.
[F1(4)The powers conferred by subsection (1) above shall not be exercised in a case where the powers conferred by section 63B below are exercisable (powers of recognised self-regulating organisation in relation to designated rules).]
Textual Amendments
F1S. 50(4) inserted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 4
Modifications etc. (not altering text)
C1S. 50: certain functions transferred by SI 1990/354, art. 4(5)