(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 product or a class of financial products from all or specified provisions of this Part; or
(c) provide that this Part applies 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 10.2 (transitional provisions) that relate to provisions of this Part.
(3) An exemption that:
(a) is made for the purposes of paragraph (1)(a); and
(b) exempts a person or class of persons from subsection 911A(1) to enable testing of particular financial services;
may apply unconditionally or subject to specified conditions.
(4) 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.
(5) An exemption described in subsection (3) may empower ASIC to make decisions relating to how the exemption starts or ceases to apply to a person or class of persons.