The Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024

Publication of permission not to apply rules or to apply rules with modifications

6.—(1) Subject to paragraph (2), the PRA must publish a relevant notice in the way appearing to the PRA to be best calculated for bringing it to the attention of—

(a) persons likely to be affected by it, and

(b) persons who are, in the opinion of the PRA, likely to make an application for a similar permission.

(2) Paragraph (1) does not apply if the PRA is satisfied that it is inappropriate or unnecessary to publish the relevant notice.

(3) In deciding whether it is satisfied as mentioned in subsection (2), the PRA must consider whether the publication of the notice would—

(a) be detrimental to the stability of the UK financial system;

(b) prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person’s immediate group;

(c) be contrary to an international obligation of the United Kingdom.

(4) The PRA may exclude from publication under paragraph (1) such material as the PRA considers appropriate to avoid detrimental effects described in any of sub-paragraphs (a) to (c) of paragraph (3).

(5) In this regulation, “relevant notice” means a written notice given under regulation 4 where—

(a) the PRA has given a person permission not to apply rules or to apply rules with modifications, or

(b) the PRA has varied such a permission.