Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 12.7.05

Exemption from, and modification of, certain provisions

             (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.



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