(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 provisions of this Part;
(iii) the provisions of rules made under Division 3; and
(b) definitions in this Act, or in the regulations, as they apply to references in provisions referred to in paragraph (a).
(2) The regulations, or ASIC by written instrument, may:
(a) exempt a person or class of persons from all or specified provisions covered by this section; or
(b) exempt a financial benchmark or class of financial benchmarks 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, on application by ASIC, order the person to comply with the condition in a specified way.
(4) An exemption by ASIC is a legislative instrument if the exemption is expressed to apply in relation to:
(a) a class of persons; or
(b) a class of financial benchmarks;
(whether or not it is also expressed to apply in relation to one or more persons or financial benchmarks identified otherwise than by reference to membership of a class).
(5) If subsection (4) does not apply to an exemption by ASIC, ASIC must publish the exemption.
(6) If there is an inconsistency between:
(a) an exemption prescribed by regulations made for the purposes of subsection (2); and
(b) an exemption by ASIC under that subsection;
(including in relation to any conditions specified by ASIC), the regulations prevail to the extent of the inconsistency.