Applying for a waiver
A 'waiver' from a rule means the applicant does not have to comply with that requirement. A 'modification' to a rule enables the applicant to comply with an amended rule that better fits it's own circumstances.
Waiver considerations
We do not automatically grant applications for waivers or modifications, we consider the merits of each case. If we decide to grant the application, it is likely that we will attach certain conditions or requirements, for example extra reporting requirements. These allow us to monitor the situation or restrict the waiver or modification to a particular set of circumstances. Waivers or modifications are not valid indefinitely; you must reapply in good time before a waiver or modification expires if you wish it to continue.
We will consider granting a waiver or modification if you are able to demonstrate that:
- Compliance with the rule would be unduly burdensome OR would not achieve the rule's purpose; AND
- Anyone whose interests are protected by the rule would not be put at undue risk.
Not all rules can be waived or modified - for example, rules that implement European Directive requirements. We normally publish the details of waivers and modifications unless it is considered inappropriate to do so. You can view these on the published waivers page in the Library.
In exceptional circumstances, we may decide to grant a 'general' waiver (known as a 'waiver or modification with consent'). For more details see the Waiver by consent page.
What you need to do
Anyone wishing to apply for a waiver or modification should complete the "waiver" application form. This can be found on our website (see Waiver Form box). Application forms can also be obtained by phoning the Firm Contact Centre on 0845 606 9966 (call rates may vary) and selecting Option 1 when prompted.
To help with completing the application form we have provided some guidelines, both general and more detailed, these can be found on our Waiver help page.
All applications are acknowledged. We may ask for further information to help us consider your application.
What the FSA will do
We will attempt to process your application as quickly as possible. In doing so we will endeavour to meet any relevant dates you notify us of, but to help us with this you should make any application in plenty of time. We aim to provide a decision within 20 working days of receipt of a complete application and to do this for at least 90% of cases.
However, if the request raises complex issues it may not be possible to meet this deadline. If the waiver or modification is granted we will issue a Direction which in most cases is published on this website.
IRB, AMA and IMM waivers
Firms wishing to apply for waivers of the above should complete the appropriate IRB, AMA or IMM application form. The 20-day service standard will not apply to these decisions.
The application forms and timescales are available in the Basel 2/CRD section of our website.
