(1) FSMA 2000 is amended as follows.
(2) After section 138B insert -
"138BA Disapplication or modification of rules in individual cases
(1) 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.
(2) 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 -
(a) not to apply the rules, or
(b) to apply the rules with the modifications specified in the permission.
(3) Subsections (1) and (2) do not apply to -
(a) rules made by either regulator under section 64A (rules of conduct);
(b) rules made by either regulator under section 137O (threshold condition code);
(c) 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);
(d) rules made by the FCA under section 309Z(1) (rules of
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