10PExempt entity determination

10P Exempt entity determination

(1) The Regulator may determine, in writing, that an entity that is a reporting entity or a reporting nominee is an exempt entity if: (a) the entity applies to the Regulator under subsection 10Q(1); and (b) the Regulator is satisfied that: (i) the entity is a reporting entity or a reporting nominee; and (ii) it is appropriate in the circumstances to make the determination, having regard to the objects of this Act.

Note 1: An exempt entity is not required to give certain payment times reports (see subsections 12(2) and (4)).

Note 2: A decision not to determine that an entity is an exempt entity is reviewable: see section 51.

(2) The Regulator may impose conditions on a determination under subsection (1). When exemption has effect (3) A determination under subsection (1) must specify: (a) any conditions imposed under subsection (2); and (b) the time the determination takes effect, which: (i) may be, but need not be, the time (if any) specified in the application under subsection 10Q(2); and (ii) may be before the day the determination is made; and (c) the time the determination ceases to have effect, which must be no more than 2 years after the determination takes effect. (4) The determination takes effect, and ceases to have effect, as specified under paragraphs (3)(b) and (c). Determination is not a legislative instrument (5) A determination under subsection (1) is not a legislative instrument.