88Commission may grant authorisations

88 Commission may grant authorisations

Granting an authorisation

(1) Subject to this Part, the Commission may, on an application by a person, grant an authorisation to a person to engage in conduct, specified in the authorisation, to which one or more provisions of Division 1 or 2 of Part IV specified in the authorisation would or might apply.

Note: For an extended meaning of engaging in conduct, see subsection 4(2).

(1A) The application must be made on or before 30 June 2025 if any of the specified provisions is section 50.

Effect of an authorisation

(2) While the authorisation remains in force, the provisions of Division 1 or 2 of Part IV specified in the authorisation do not apply in relation to the conduct to the extent that it is engaged in by:

(a) the applicant; and

(b) any other person named or referred to in the application as a person who is engaged in, or who is proposed to be engaged in, the conduct; and

(c) any particular persons or classes of persons, as specified in the authorisation, who become engaged in the conduct.

Conditions

(3) The Commission may specify conditions in the authorisation. Subsection (2) does not apply if any of the conditions are not complied with.

(4) Without limiting subsection (3), the Commission may grant a merger authorisation on the condition that a person must give, and comply with, an undertaking to the Commission under section 87B.

Single authorisation may deal with several types of conduct

(5) The Commission may grant a single authorisation for all the conduct specified in an application for authorisation, or may grant separate authorisations for any of the conduct.

Past conduct

(6) The Commission does not have power to grant an authorisation for conduct engaged in before the Commission decides the application for the authorisation.

Withdrawing an application

(7) An applicant for an authorisation may at any time, by writing to the Commission, withdraw the application.