(1) ASIC may:
(a) exempt an entity, scheme or fund referred to in subsection 798C(1) whose financial products are able to be traded on the market from a modifiable provision (see subsection (7)); or
(b) declare that a modifiable provision applies to an entity, scheme or fund referred to in subsection 798C(1) whose financial products are able to be traded on the market as if specified provisions were omitted, modified or varied as specified in the declaration.
(2) An exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette .
(3) An exemption may apply unconditionally or subject to specified conditions.
(4) If an exemption is granted subject to specified conditions, the entity, scheme or fund must comply with those conditions.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(5) If an exemption is granted subject to specified conditions, the Court may, on ASIC's application, order the entity, scheme or fund to comply with one or more of those conditions in a specified way.
(6) If conduct (including an omission) of a person would not have constituted an offence if:
(a) a particular condition had not been imposed on an exemption under paragraph (1)(a); or
(b) 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 gazettal requirement of subsection (2)), ASIC gave written notice setting out the text of the condition or the declaration to the person. In a prosecution for an offence to which this subsection applies, the prosecution must prove that this additional notification requirement was complied with before the conduct occurred.
(7) In this section:
"modifiable provision" means:
(a) section 205G and any of the provisions of Chapter 6, 6A, 6B, 6C, 6CA or 7; or
(b) regulations made for the purposes of that section or any of those provisions.