Corporations Act 2001



Division 1 - ASIC's power to exempt and modify  


655A(1)   [ Power to exempt and modify]  

ASIC may:

(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]  

The exemption or declaration may:

(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'']  

For the purposes of this section, the provisions of this Chapter include:

(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.

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