294 Modification or waiver of rules

294  Modification or waiver of rules

(1)     The [appropriate regulator] may, on the application or with the consent of a recognised body, direct that rules made under section 293 or 295—

(a)     are not to apply to the body; or

(b)     are to apply to the body with such modifications as may be specified in the direction.

(2)     An application must be made in such manner as the [appropriate regulator] may direct.

(3)     Subsections (4) to (6) apply to a direction given under subsection (1).

(4)     The [appropriate regulator] may not give a direction unless it is satisfied that—

(a)     compliance by the

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