(1)  Subject to subsection (2) and section 11 , the regulator may exempt a person from complying with one or more requirements of this Act if satisfied that the exemption –

(a) is reasonable in the circumstances; and

(b) does not have a negative effect on the entitlements of another person under this Act.

(2)  The regulator may not exempt a person from a requirement in the following sections:

(a) section 25 ;

(b) section 32(1) and (4) ;

(c) section 43 ;

(d) section 44(1) and (5) ;

(e) section 50 ;

(f) section 51 ;

(g) section 52(1)(c) ;

(h) section 54(1) ;

(i) section 58(3) ;

(j) section 59 ;

(k) section 60 ;

(l) section 61 ;

(m) section 74 ;

(n) any other prescribed provision.