[(1) Either regulator may, on the application or with the consent of a person who is subject to rules made by that regulator, direct that all or any of those rules—
(a) are not to apply to that person, or
(b) are to apply to that person with such modifications as may be specified in the direction.
(2) Subsection (1) does not apply to—
[(za) rules made by either regulator under section 64A (rules of conduct);]
(a) rules made by either regulator under section 137O (threshold condition code);
(b) rules made by the FCA under section 247 (trust scheme rules)[, section 248 (scheme particulars rules), section 261I (contractual scheme rules) or section 261J (contractual scheme particulars rules)].
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