166Corresponding exemptions

166 Corresponding exemptions (1) This section applies to an exemption granted by a corresponding authority if— (a) the exemption is granted for a provision of the law of the other jurisdiction corresponding to a provision (the relevant provision) of this regulation; and (b) the exemption has effect in the other jurisdiction; and (c) CAP has decided that the exemption should have effect in all participating jurisdictions or participating jurisdictions including the ACT, and CAP has not reversed the decision. (2) The exemption has effect in the ACT as if it were an exemption granted by the competent authority for the relevant provision for 10 years after the day on which CAP made its decision unless— (a) the decision is sooner reversed by CAP; or (b) the exemption is sooner cancelled or varied by the corresponding authority; or (c) the exemption sooner expires or otherwise ceases to have effect.