Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3A - CS SERVICES  

Division 3 - Other provisions  

SECTION 828R   EXEMPTIONS BY THE REGULATIONS OR BY ASIC  

828R(1)    
The provisions covered by this section are:

(a)    the following provisions:

(i) the provisions of this Part;

(ii) the provisions of regulations made for the purposes of provisions of this Part;

(iii) the provisions of rules made under Division 2 ; and

(b)    definitions in this Act, or in the regulations, as they apply to references in provisions referred to in paragraph (a) .

828R(2)    
The regulations, or ASIC by written instrument, may exempt a person or class of persons from all or specified provisions covered by this section.

828R(3)    
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, on application by ASIC, order the person to comply with the condition in a specified way.

828R(4)    
An exemption by ASIC is a legislative instrument if the exemption is expressed to apply in relation to a class of persons, (whether or not it is also expressed to apply in relation to one or more persons identified otherwise than by reference to membership of a class).

828R(5)    
If subsection (4) does not apply to an exemption by ASIC, the exemption is a notifiable instrument.

828R(6)    
If there is an inconsistency between:

(a)    an exemption prescribed by regulations made for the purposes of subsection (2) ; and

(b)    an exemption by ASIC under that subsection;

(including in relation to any conditions specified by ASIC), the regulations prevail to the extent of the inconsistency.