Corporations Act 2001
(a) exempt a person from a provision of this Chapter; or
(b) declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
Note: Under section 656A, the Panel has power to review the exercise by ASIC of its powers under this section.655A(2) [ Obligation to consider purpose of Chapter]
In deciding whether to give the exemption or declaration, ASIC must consider the purposes of this Chapter set out in section 602.655A(3) [ Application of exemption or declaration]
(a) apply to all or specified provisions of this Chapter; and
(b) apply to all persons, specified persons, or a specified class of persons; and
(c) relate to all securities, specified securities or a specified class of securities; and
(d) relate to any other matter generally or as specified. 655A(4) [ Conditions]
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.655A(5) [ Publication in the Gazette ]
The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette .655A(6) [ ``provisions of this Chapter'']
(a) regulations made for the purposes of this Chapter; and
(b) definitions in this Act or the regulations as they apply to references in:
(i) this Chapter; or
(ii) regulations made for the purposes of this Chapter; and
(c) the old Division 12 of Part 11.2 transitionals.