9. Modification or waiver of Rules

(1) The Regulator may, on the application or with the consent of a person who is subject to Rules made by the 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) An application must be made in such manner as the Regulator may direct.
(3) The Regulator may not give a Direction unless it is satisfied that —
(a) compliance by the person with the Rules, or with the Rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the Rules were made; and
(b) the Direction would not adversely affect the advancement of any of the Regulator's objectives.
(4) A Direction may be given subject to conditions.
(5) The Regulator may —
(a) revoke a Direction; or
(b) vary it on the application, or with the consent, of the person to whom it relates.