Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The regulations may:
(a) exempt a person or class of persons from all or specified provisions to which this Part applies; or
(b) exempt a credit activity or a class of credit activities from all or specified provisions to which this Part applies; or
(c) provide that the provisions to which this Part applies apply as if specified provisions were omitted, modified or varied as specified in the regulations.
(2) An exemption that:
(a) is made for the purposes of paragraph (1)(a); and
(b) exempts a person or class of persons from subsection 29(1) to enable testing of particular credit activities;
may apply unconditionally or subject to specified conditions.
(3) 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.
(4) An exemption described in subsection (2) may empower ASIC to make decisions relating to how the exemption starts or ceases to apply to a person or class of persons.