273.This section concerns the power of the Authority to waive or modify certain kinds of rules, as set out in subsection (1), at the request of an authorised person or with their consent.  Subsection (4) specifies the circumstances in which the Authority may waive or modify these rules.
274.Waivers or modifications of rules can have indefinite effect or can be revoked by the Authority.  Breaches of conditions attached to a waiver or modification are equivalent to a breach of rules.
275.Subsections (6) and (7) concern the obligation on the Authority to publish rule waivers or modifications.  They provide that the Authority must publish waivers or modifications in such a way as to bring them to the attention of the people who are likely to be affected, unless the Authority thinks it would be inappropriate to do so.  In considering whether publication would be appropriate, the Authority should take into account whether it believes that publication would unreasonably prejudice the authorised person’s commercial interests or contravene any international obligations of the United Kingdom.  The Authority would also need to take into account whether a breach of the rule in question would give rise to a right of action by a person under section 150. Persons affected by the modification or waiver will include clients of the authorised person and other authorised persons who might wish to benefit from  similar arrangements.
276.In deciding whether certain of the conditions for withholding publication are met, subsection (8) requires the Authority to consider whether it can publish a waiver or modification of a rule without disclosing the identity of the authorised person concerned.
Commentary on Sections Part X: Rules and Guidance Chapter I: Rule-Making Powers Section 148: Modification or waiver of rules