• GENE 7.1.1 GENE 7.1.1 Application for waiver or modification of provisions of rules

    An application under FSR, article 16 (Waiver or modifications of Rules) must include:

    (a) the applicant's name and QFC number;
    (b) the provisions of the rules to which the application relates;
    (c) a clear explanation of the waiver or modification sought and why it is sought;
    (d) details of any requirements for the waiver or modification sought and the reasons for them;

    Example of requirements

    the waiver or modification is required for a particular, stated period
    (e) any reasons why the applicant requests that the waiver or modification notice should not be published or should be published without disclosing the applicant's identity or the confidential or proprietary nature of stated information; and
    (f) all relevant facts to support the application.

    Note 1 An application may be made by "a person in the QFC" for example an authorised firm.

    Note 2 For the matters about which the Regulatory Authority must be satisfied before giving a waiver or modification notice, see FSR, article 16 (2).

    Note 3 For the publication, revocation and variation of waiver and modification notices, see FSR, article 16 (4) to (6).
    Editorial changes (as from 1st January 2016).

    • GENE 7.1.1 Guidance


      1 An applicant for a waiver or modification may withdraw the application at any time up to when the application is decided. The applicant should give reasons for the withdrawal of the application.
      2 If a provision of the rules is modified in its application to a person, contravention by the person of the provision as modified may be a contravention of a Relevant Requirement under the FSR (see article 84).
      3 If a waiver or modification notice is given to a person subject to a condition, contravention of the condition may also be a contravention of a relevant requirement under the FSR.
      Editorial changes (as from 1st January 2016).