Firms can apply for FSA rules exemption

On July 12, the Treasury announced the deregulatory amendments, the Regulatory Reform Order (RRO), in which they hope to reduce the burden on financial sector firms and the FSA. The reform report states: “This change should help those who are subject to our rules by making waivers and modifications more flexible,” it says. “So, subject to EU directive constraints, we can now consider waiver or modification applications for any of our rules.” The FSA says it will consider granting waivers or modifications if firms are able to demonstrate: Compliance with the rule would be unduly burde...