Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.8 - EXEMPTIONS AND MODIFICATIONS  

SECTION 601YAA   EXEMPTIONS AND MODIFICATIONS BY ASIC  

601YAA(1)    
ASIC may:

(a) exempt a person or class of persons, or an estate or class of estates, from all or specified provisions of this Chapter; or

(b) declare that this Chapter applies to a person or class of persons, or an estate or class of estates, as if specified provisions were omitted, modified or varied as specified in the declaration.

601YAA(2)    
An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

601YAA(3)    
An exemption or declaration is a legislative instrument if it is expressed to apply in relation to a class of persons or a class of estates (whether or not it is also expressed to apply in relation to one or more persons or estates identified otherwise than by reference to membership of a class).

601YAA(4)    
If subsection (3) does not apply to an exemption or declaration, the exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette . The exemption or determination is not a legislative instrument.

601YAA(5)    

If conduct (including an omission) of a person would not have constituted an offence if a particular declaration under paragraph (1)(b) had not been made, that conduct does not constitute an offence unless, before the conduct occurred (in addition to complying with the requirements of the Legislation Act 2003 (if the declaration is of a kind referred to in subsection (3)), or with the gazettal requirement of subsection (4), as the case may be):

(a) the text of the declaration was made available by ASIC on the internet; or

(b) ASIC gave written notice setting out the text of the declaration to the person.

In a prosecution for an offence to which this subsection applies, the prosecution must prove that paragraph (a) or (b) was complied with before the conduct occurred.

601YAA(6)    
For the purpose of this section, the provisions of this Chapter include:

(a) regulations or other instruments made for the purposes of this Chapter; and

(b) definitions in this Act or the regulations, as they apply to references in:

(i) this Chapter; or

(ii) regulations or other instruments made for the purposes of this Chapter; and

(c) any provisions of Division 2 of Part 10.12 that relate to this Chapter.