(1) The Minister may exempt a particular clearing and settlement facility, or class of clearing and settlement facilities, from all or specified provisions of this Part. An exemption may be unconditional, or subject to conditions specified in the exemption.
Note: The provisions of this Part include regulations made for the purposes of this Part (see section 761H).
(2) The Minister may, at any time:
(a) vary an exemption to:
(i) impose conditions, or additional conditions, on the exemption; or
(ii) vary or revoke any of the conditions on the exemption; or
(b) revoke an exemption.
(3) However, the Minister may only take action under subsection (2) after:
(a) giving notice, and an opportunity to make submissions on the proposed action, to the operator of each clearing and settlement facility known by the Minister to be covered by the exemption; and
(b) if the exemption covers a class of clearing and settlement facilities--a notice has been published on ASIC's website allowing a reasonable period within which the operator of each clearing and settlement facility covered by the exemption may make submissions on the proposed action, and that period has ended.
(4) If an exemption is expressed to apply in relation to a class of clearing and settlement facilities (whether or not it is also expressed to apply in relation to one or more clearing and settlement facilities otherwise than by reference to membership of a class), then the exemption, and any variation or revocation of the exemption, is a legislative instrument.
(5) If subsection (4) does not apply to an exemption, then the exemption, and any variation or revocation of the exemption, must be in writing and the Minister must publish notice of it in the Gazette.