• GENE Chapter 7 GENE Chapter 7 Waivers and modifications

    Editorial changes (as from 1st January 2016).

    • GENE 7.1 GENE 7.1 Application [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.2 GENE 7.2 Application to Waive or Modify Rules [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010). Contents renumbered to form GENE 7.1.1.

      • GENE 7.2.2 [restructured effective 1st October 2010]

        Restructured by QFCRA RM/2010-04 (as from 1st October 2010) to form subrule GENE 7.1.1.

      • GENE 7.2.3 [restructured effective 1st October 2010]

        Restructured by QFCRA RM/2010-04 (as from 1st October 2010) to form subrule GENE 7.1.1.

    • 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      (e) any reasons why the applicant requests that the waiver or modification notice should not be published or should be published without disclosing the applicant's identity or the confidential or proprietary nature of stated information; and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

        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).

    • GENE 7.1.2 GENE 7.1.2 Notice of material change in circumstances — applicant for waiver etc

      If an applicant for a waiver or modification under FSR becomes aware of any material change in circumstances that may affect the Regulatory Authority's decision on the application, the applicant must tell the authority about the change immediately, but within 1 business day.

      Examples

      See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
      Editorial changes (as from 1st January 2016).

      • GENE 7.2.4 Guidance [Deleted]

        [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.1.3 Notice of material change in circumstances — person with waiver etc

      If a waiver or modification under FSR applies to a person and the person becomes aware of any material change in circumstances that may affect the continuing relevance of the waiver or modification, the person must tell the Regulatory Authority about the change immediately but within 1 business day.

      Examples

      See examples to rule 4.1.3 (1) on the meaning of "within 1 business day".
      Editorial changes (as from 1st January 2016).

    • GENE 7.3 GENE 7.3 Procedure on Receipt of an Application [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 7.3 Guidance [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.4 Conditions for Granting a Waiver or Modification [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.5 GENE 7.5 Applicability of a Waiver or Modification Notice [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

      • GENE 7.5 Guidance [Deleted]

        Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.6 GENE 7.6 Continuing relevance of waiver or modification notice [restructured effective 1st October 2010]

      Restructured by QFCRA RM/2010-04 (as from 1st October 2010), to form subrule GENE 7.1.3.

      • GENE 7.6.1 Notice of material change in circumstances — firm with waiver etc restructured effective 1st October 2010]

        Restructured by QFCRA RM/2010-04 (as from 1st October 2010), to form subrule GENE 7.1.3.

    • GENE 7.7 Publication of a Waiver or Modification Notice [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.8 Revocation or Variation of a Waiver or Modification Notice [Deleted]

      Deleted by QFCRA RM/2010-04 (as from 1st October 2010)

    • GENE 7.9 GENE 7.9 Referral of the Regulatory Authority's decisions in relation to a Waiver or Modification Notice [Deleted]

      Deleted by QFCRA RM02/2009 (as from 6th December 2009).

      • GENE 7.9 Guidance [Deleted]

        Deleted by QFCRA RM02/2009 (as from 6th December 2009).