An authorised entity may apply to the FSRA for a waiver of an existing rule, which means that the rule does not apply to the entity, or a modification of a rule, which amends a rule to fit the circumstances of the entity.
All applications for waivers or modifications are considered on a case-by-case basis by the FSRA on their merits, taking into account any precedents, and will only be granted if the entity can demonstrate both that:
- complying with the rule is unduly burdensome or would not achieve the intention of the rule and, importantly,
- the granting of a waiver or modification would not adversely affect the advancement of the objectives of the FSRA.
In exceptional circumstances, the FSRA will publish a “class waiver” or a “class modification”, where the class waiver and/or the class modification is applicable to a particular category or group of entities.