Commonwealth Consolidated Acts Commonwealth Consolidated ActsApplication
(1) This section applies in relation to Chapters 2L, 5, 5C, 6D and 7 (the covered Chapters ) and this Division.
Exemptions and declarations on application of this Division
(2) ASIC may do either or both of the following:
(a) exempt a person from all or specified provisions of the covered Chapters or this Division;
(b) declare that the covered Chapters or this Division apply in relation to a person, as if specified provisions were omitted, modified or varied as specified in the declaration.
(3) The exemption or declaration may do all or any of the following:
(a) relate to all persons, specified persons or a specified class of persons;
(b) relate to any other matter generally or as specified.
Imposition of conditions on exemption
(4) An exemption may apply unconditionally or subject to specified conditions.
(5) An entity to whom a condition specified in an exemption applies must comply with the condition.
(6) The Court may order the entity to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
Exemptions and declarations relating to all or a class of persons
(7) An exemption or declaration that relates to all persons, or a specified class of persons, must be made by legislative instrument.
Exemptions and declarations relating to specified persons
(8) An exemption or declaration that relates to a specified person must be made by notifiable instrument.
(9) ASIC must give a copy of an exemption or declaration that relates to a specified person to the person as soon as is reasonably practicable after the exemption or declaration is made.