The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 No. 1973

Modification or waiver of rules

10.  In section 148 (modification or waiver of rules)—

(a) omit subsection (1);

(b) for subsection (2), substitute—

“(2) The Authority may, on the application or with the consent of a person who is subject to rules made by the Authority, direct that all or any of those rules (other than rules made under section 247 (trust scheme rules) or section 248 (scheme particulars rules))—

(a) are not to apply to that person; or

(b) are to apply to him with such modifications as may be specified in the direction.”;

(c) in subsections (4)(a), (7)(b), (8) and (9)(b) omit “authorised”;

(d) in subsection (11), for “an authorised person” substitute “a person”.