Article 16 - Waiver or modification of Rules

(1) The Regulatory Authority may, on the application of a Person or its own initiative and by written notice, declare that a provision of any Rules
(a) applies to the Person with the modifications mentioned in the notice; or
(b) does not apply in relation to the Person.
(2) The Regulatory Authority must be satisfied, when giving a notice under Article 16(1) in relation to a Person, that:
(A) either:
(i) the burden experienced by that Person in complying with the relevant Rule would significantly outweigh the benefits that the Rule was intended to achieve; or
(ii) compliance with the Rule would not achieve or further the purpose for which the relevant Rule was made; and
(B) the notice would not result in undue risk to Persons whose interests the Rule is intended to protect.
(3) A written notice under Article 16(1) may be given subject to conditions.
(4) Unless the Regulatory Authority is satisfied that it is inappropriate or unnecessary to do so, it must publish a written notice issued under Article 16 in such a way (including publication on its website) as it considers appropriate for bringing the notice to the attention of:
(A) those likely to be affected by it; and
(B) others who may be likely to become subject to a similar notice.
(5) The Regulatory Authority may on the Application of the Person to whom it applies, or on its own initiative:
(A) revoke a written notice; or
(B) vary a written notice.
(6) With respect to the publication of a revocation or variation, Article 16(4) applies analogously.
(7) The Regulatory Authority may issue Rules, in particular with respect to the provision of a written notice and the procedures in relation thereto.
(8) Any decision of the Regulatory Authority with respect to the granting or refusal of a waiver or modification of Rules pursuant to Article 16 may be referred to the Appeals Body by the Person to whom the waiver or modification relates (or would relate if granted).
Amended by QFC Reg 2010-2 (as from 9th December 2010)