This section applies to rules made by a regulator if, or to the extent that, regulations made by the Treasury provide for it to apply.
The regulator may, on the application or with the consent of a person who is subject to the rules, give the person a permission that enables the person—
not to apply the rules, or
to apply the rules with the modifications specified in the permission.
Subsections (1) and (2) do not apply to—
rules made by either regulator under section 64A (rules of conduct);
rules made by either regulator under section 137O (threshold condition code);
rules made by the FCA under section 247 (trust scheme rules), section 248 (scheme particular rules), section 261I (contractual scheme rules) or section 261J (contractual scheme particulars rules);
rules made by the FCA under section 309Z(1) (rules of conduct).
The regulator may—
give permission under this section subject to conditions, and
revoke or vary permission given under this section.
Regulations under subsection (1) may make provision about procedural matters in relation to the giving of permission under this section.
Provision under subsection (5) may (among other things) include provision about—
the making of applications;
the determination of applications (including matters to be taken into account in doing so);
the giving and withdrawal of consent;
requirements as to notification or publication of decisions of a regulator under this section;
appeals in respect of decisions of a regulator under this section.
Before making regulations under this section in relation to rules made by a regulator the Treasury must consult the regulator.