2.1 Some of our specific directions and requirements allow us to extend the time available to parties to comply, for a defined period of time, or to grant an exemption from some or all of the requirements.
2.2 We are consulting on proposed general guidance explaining the factors we will use to decide whether to grant an extension or exemption to a specific direction or requirement. This will include guidance on when and why regulated parties should apply, should relevant circumstances arise preventing timely compliance.
2.3 We have already considered such requests in the past, from regulated parties asking for exemptions or extensions in complying with aspects of Specific Directions 2, 3 and 17.
2.4 Sections 54 and 55 of the Financial Services (Banking Reform) Act (FSBRA) grant us powers to issue directions and requirements. Section 96 allows us to issue general guidance, keeping in mind our general duties and regulatory principles as expressed in sections 49 and 53. You can find our p
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