Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1 Streamlining prudential regulation

Repeal the section, substitute:

328 Regulator’s powers of exemption - modifiable provisions

(1) The Regulator may, in writing, exempt from compliance with any or all of the modifiable provisions:

(a) a particular person or a class of persons; or

(b) a particular group of individual trustees or a class of groups of individual trustees.

(2) An exemption that applies to a particular person or group is not a legislative instrument.

(3) Otherwise, an exemption is a legislative instrument.