(1) This regulation applies, in the circumstances to which Prudential Standard 6.8.3 referred immediately before the transfer date, on:
(a) the initiative of ASIC; or
(b) application made to ASIC in writing by a person to whom Division 3 of Part 7.3 of the Act, or regulation 7.3.13A or 7.3.13B, applies or another person.
(2) ASIC may, by Gazette notice, declare:
(a) that Division 3 of Part 7.3 of the Act, or regulation 7.3.13A or 7.3.13B, does not apply to a person to whom the declaration applies; and
(b) that a provision mentioned in paragraph (a) applies to a person to whom the declaration applies as if the provision were modified in accordance with the declaration.
(3) Division 3 of Part 7.3 of the Act, and regulations 7.3.13A and 7.3.13B, apply subject to a declaration applying in relation to that Division or regulation.
(4) A declaration:
(a) may be made subject to a condition stated in the exemption; and
(b) takes effect on the day on which it is published.