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6.—(1) The Regulator may waive the requirement for authorisation in relation to a person if—
(a)the Secretary of State intends to exempt the person under section 6 of the Act;
(b)the Regulator is satisfied that—
(i)requiring the person to become authorised would be unduly burdensome to the person, or would not achieve the objects of the Act; and
(ii)the waiver would not result in undue risk to persons whose interests the Act is intended to protect.
(2) The Regulator must give the person a written notice of the waiver.
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