Section 63B Modification or waiver of designated rules and regulations.F1

United Kingdom

(1)

A recognised self-regulating organisation may on the application of a member of the organisation—

(a)

modify a rule or regulation designated under section 63A so as to adapt it to his circumstances or to any particular kind of business carried on by him, or

(b)

dispense him from compliance with any such rule or regulation, generally or in relation to any particular kind of business carried on by him.

(2)

The powers conferred by this section shall not be exercised unless it appears to the organisation—

(a)

that compliance with the rule or regulation in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors, and

(b)

that the exercise of those powers will not result in any undue risk to investors.

(3)

The powers conferred by this section may be exercised unconditionally or subject to conditions; and section 63A(3) applies in the case of a contravention of a condition as in the case of contravention of a designated rule or regulation.

(4)

The reference in paragraph 4(1) of Schedule 2 (requirements for recognition of self-regulating organisations) to monitoring and enforcement of compliance with rules and regulations includes monitoring and enforcement of compliance with conditions imposed by the organisation under this section.

Annotations

Textual amendments

F1: Ss. 63A, 63B inserted by Companies Act 1989 (c. 40, SIF 27), s. 194

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings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

C1: Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2
C2: 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

C1: Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5