(1) The regulations may:
(a) exempt a person or class of persons from all or specified provisions of this Part; or
(b) exempt a financial market or class of financial markets from all or specified provisions of this Part; or
(c) provide that this Part applies in relation to a person or a financial market, or a class of persons or financial markets, as if specified provisions were omitted, modified or varied as specified in the regulations.
(2) For the purpose of this section, the provisions of this Part include:
(a) definitions in this Act, or in the regulations, as they apply to references in this Part; and
(b) any provisions of Part 7.2 that refer to provisions of this Part; and
(c) any provisions of Part 10.2 (transitional provisions) that relate to provisions of this Part.