(1) The provisions covered by this section are:
(a) the following provisions:
(i) the provisions of this Part;
(ii) the provisions of regulations made for the purposes of the provisions of this Part;
(iii) the provisions of the derivative transaction rules and the derivative trade repository rules; and
(b) definitions in this Act, or in the regulations, as they apply to references in provisions referred to in paragraph (a).
(2) ASIC may:
(a) exempt a person or class of persons from all or specified provisions covered by this section; or
(b) exempt a facility or class of facilities from all or specified provisions covered by this section; or
(c) exempt a derivative transaction or class of derivative transactions from all or specified provisions covered by this section.
(3) An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
(4) An exemption is a legislative instrument if the exemption is expressed to apply in relation to a class of persons, a class of facilities or a class of derivative transactions (whether or not it is also expressed to apply in relation to one or more persons, facilities or transactions identified otherwise than by reference to membership of a class).
(5) If subsection (4) does not apply to an exemption, the exemption must be in writing and ASIC must publish notice of it in the Gazette .