PART 2 Waiver of requirement for authorisation

6 Circumstances in which Regulator may waive requirement for authorisation
1 The Regulator may waive the requirement for authorisation in relation to a person if—
(a) the Secretary of State intends to exempt the person under section 6 of the Act;
(b) the Regulator is satisfied that—
(i) requiring the person to become authorised would be unduly burdensome to the person, or would not achieve the objects of the Act; and
(ii) the waiver would not result in undue risk to persons whose interests the Act is intended to protect.
2 The Regulator must give the person a written notice of the waiver.