Document ID: chunk:federal_register_of_legislation:C2019A00050:clause:1_994l
Version: federal_register_of_legislation:C2019A00050
Segment Type: clause
Provision Reference: sch 1 cl 994L
Character Range: 39063–41166

994L  Exemptions and modifications by ASIC

Individuals
 (1) ASIC may, by notifiable instrument:
 (a) exempt a specified person from all or specified provisions of this Part; or
 (b) exempt a specified financial product from all or specified provisions of this Part; or
 (c) declare that this Part applies in relation to:
 (i) a specified person; or
 (ii) a specified financial product;
  as if specified provisions were omitted, modified or varied as specified in the declaration.

Classes
 (2) ASIC may, by legislative instrument:
 (a) exempt a specified class of persons from all or specified provisions of this Part; or
 (b) exempt a specified class of financial products from all or specified provisions of this Part; or
 (c) declare that this Part applies in relation to:
 (i) a specified class of persons; or
 (ii) a specified class of financial products;
as if specified provisions were omitted, modified or varied as specified in the declaration.
 (3) Subsection (2) applies whether or not the legislative instrument is also expressed to apply in relation to one or more persons or products identified otherwise than by reference to membership of a class.

Conditions on exemptions
 (4) An exemption may apply unconditionally or subject to specified conditions.
 (5) A person to whom a condition specified in an exemption applies must comply with the condition.
 (6) The Court may, on application by ASIC, order the person to comply with the condition in a specified way.

Protections
 (7) If conduct (including an omission) of a person would not have constituted an offence if a particular declaration under paragraph (1)(c) or (2)(c) had not been made, that conduct does not constitute an offence unless, before the conduct occurred:
 (a) the text of the declaration was made available by ASIC on the internet; or
 (b) ASIC gave to the person written notice setting out the text of the declaration.
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.

Division 6—Miscellaneous