Regulation 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.