Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_791c:p1
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 791C (pt 1/2)
Character Range: 214539–217382

791C  Exemptions by ASIC

Exemption of a particular financial market or person
 (1) ASIC may, in writing, exempt:
 (a) a particular financial market; or
 (b) a particular person;
from all or specified provisions of this Part.
Note: The provisions of this Part include regulations made for the purposes of this Part: see section 761H.
 (2) The exemption may apply:
 (a) unconditionally or subject to specified conditions; and
 (b) for a specified period or indefinitely (the exemption duration).
 (3) ASIC may, at any time, in writing:
 (a) vary an exemption given under subsection (1) to:
 (i) impose conditions, or additional conditions, on the exemption; or
 (ii) vary or revoke any of the conditions on the exemption; or
 (iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or
 (b) revoke an exemption given under subsection (1).
 (4) However, ASIC may only take action under subsection (3) after giving notice, and an opportunity to make submissions on the proposed action, to:
 (a) if paragraph (1)(a) applies to the exemption—the operator of the financial market covered by the exemption; or
 (b) if paragraph (1)(b) applies to the exemption—the person covered by the exemption.
 (5) An exemption given under subsection (1), or a variation or revocation made under subsection (3), is not a legislative instrument.
 (6) If the ASIC gives an exemption under subsection (1), or varies or revokes an exemption under subsection (3), ASIC must publish notice of the exemption, variation or revocation on ASIC's website.

Exemption of classes of clearing and settlement facilities and persons
 (7) ASIC may, by legislative instrument, exempt:
 (a) a class of financial markets; or
 (b) a class of persons;
from all or specified provisions of this Part.
Note: The provisions of this Part include regulations made for the purposes of this Part: see section 761H.
 (8) The exemption may apply:
 (a) unconditionally or subject to specified conditions; and
 (b) for a specified period or indefinitely (the exemption duration).
 (9) ASIC may, at any time, by legislative instrument:
 (a) vary an exemption given under subsection (7) to:
 (i) impose conditions, or additional conditions, on the exemption; or
 (ii) vary or revoke any of the conditions on the exemption; or
 (iii) extend or shorten the exemption duration (including as affected by any variation from a previous operation of this subparagraph); or
 (b) revoke an exemption given under subsection (7).
 (10) However, ASIC may only take action under subsection (9) after:
 (a) giving notice, and an opportunity to make submissions on the proposed action, to:
 (i) if paragraph (7)(a) applies to the exemption—the operator of each financial market known by ASIC to be covered by the exemption; or
 (ii) if