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58. Waivers and Modification of the Law and Rules



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(1) The DFSA may where it considers it appropriate or desirable in the interests of the DIFC to do so:
(a) on the application of a person; or
(b) with the consent of a person;
by means of a written notice provide that one or more provisions of the Law either:
(c) shall not apply in relation to such person; or
(d) shall apply to such person with such modifications as are set out in the written notice.
(2) A written notice may be given subject to conditions.
(3) A person to whom a condition specified in a written notice applies must comply with the condition. In the event of failure to comply with a condition, the DFSA may, without limiting any other powers that the DFSA may have, apply to the Court for an order, including an order that the person must comply with the condition in a specified way.
(4) Unless the DFSA is satisfied that it is inappropriate or unnecessary to do so, it must publish a written notice in such a way as it considers appropriate for bringing the notice to the attention of:
(a) those likely to be affected by it; and
(b) others who may be likely to become subject to a similar notice.
(5) The DFSA may:
(a) on its own initiative or on the application of the person to whom it applies, withdraw a written notice; or
(b) on the application of, or with the consent of, the person to whom it applies, vary a written notice.
(6) The DFSA Board of Directors may, pursuant to the power granted in Article 23 of the Regulatory Law 2004, make Rules in connection with the provision of a written notice under this Article, including Rules prescribing procedures for the making of applications and providing of consents.
(7) This Article does not affect the application of Article 25 of the Regulatory Law 2004 in relation to the waiver and modification of Rules made for the purpose of this Law.