Section 50 Modification of conduct of business and financial resources rules for particular cases.C1
United Kingdom
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.
The Secretary of State shall not exercise the powers conferred by subsection (1) above in any case unless it appears to him that—
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
the exercise of those powers will not result in any undue risk to investors.
The powers conferred by subsection (1) above may be exercised unconditionally or subject to conditions.
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).
Annotations
Textual amendments
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S. 50(4) inserted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 4
Modifications
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S. 50: certain functions transferred by SI 1990/354, art. 4(5)
Notes on the whole Act
Textual amendments
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)
Notes on Part I
Modifications
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Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2
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Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)
Notes on Chapter V
Modifications
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Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5