165Corresponding exemptions

165 Corresponding exemptions

(1) This regulation applies to an exemption issued by a corresponding Authority if—

(a) the exemption is issued for a provision of the law of the other jurisdiction corresponding to a provision (the relevant provision) of these Regulations; 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 Victoria, and CAP has not subsequently reversed the decision.

(2) The exemption has effect in Victoria as if it were an exemption issued by the Authority for the relevant provision for 10 years after the day on which CAP made its decision unless, in the meantime—

(a) the decision is reversed by CAP; or

(b) the exemption is revoked or amended by the corresponding Authority; or

(c) the exemption expires or otherwise ceases to have effect.