Competition and Consumer Act 2010
51ABZZNASIC’s power to exempt and modify
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51ABZZN ASIC’s power to exempt and modify
(1) ASIC may, in writing:
(a) exempt a person from subsection 51ABZZM(5); or
(b) declare that subsection 51ABZZM(5) applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
(2) In deciding whether to give the exemption or declaration, ASIC must consider the purposes of Chapter 6 of the Corporations Act 2001, set out in section 602 of that Act.
(3) The exemption or declaration may:
(a) apply to all persons, specified persons, or a specified class of person; and
(b) relate to all bid class securities, specified bid class securities or a specified class of bid class securities; and
(c) relate to any other matter generally or as specified.
(4) An instrument made under subsection (1) of this section is a notifiable instrument if it applies only to:
(a) a specified person (other than a person specified by membership of a class); or
(b) a specified person (other than a person specified by membership of a class) and persons associated with that specified person.
Otherwise, it is a legislative instrument.
(5) 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 (within the meaning of the Corporations Act 2001) may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
(6) An exemption or declaration given under subsection (2) applies in relation to shares after the relevant acquisition determination is no longer subject to review.
(7) Subject to subsection (8) of this section, Subdivision A of Division 2 of Part 6.10 of the Corporations Act 2001 applies in relation to a decision of ASIC under subsection (1) of this section in the same way as that Subdivision applies in relation to a decision of ASIC under section 655A of that Act.
Note: That Subdivision allows the Takeovers Panel to review decisions of ASIC.
(8) For the purposes of subsection (7) of this section, treat a reference, in Subdivision A of Division 2 of Part 6.10 of the Corporations Act 2001, to Chapter 6 of that Act as including a reference to this Subdivision.