[203C Modification or waiver of rules where firm subject to enhanced supervision]
[203C Modification or waiver of rules where firm subject to enhanced supervision]

[(1)     Where a firm is subject to an agreement under section 203A or 203B, the appropriate regulator may direct that all or any of its rules—

(a)     do not apply to that firm, or

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

(2)     The appropriate regulator may not give or vary a direction unless it is satisfied that—

(a)     compliance by the firm with the rules, or with the rules as unmodified, would not give effect to the agreement under section 203A or 203B (as the case may be), and

(b)     the direction would not adversely affect the advancement of any of the appropriate regulator's objectives.

(3)     In subsection (2)(b) “objectives”, in relation to the FCA, means operational objectives.