(1)
The regulator may exempt any person or class of persons from compliance with any provision or provisions of regulations.
(2)
The regulator must not grant an exemption under subsection (1) unless it is satisfied that—
the extent of the exemption is not broader than is reasonably necessary to address the matters that gave rise to the proposed exemption; and
the exemption is not inconsistent with the purpose of this Act.
(3)
The regulator may—
grant the exemption on any terms and conditions that the regulator thinks fit; and
amend or revoke an exemption; and
replace an exemption either before or when it expires.
(4)
An exemption granted under subsection (1)—
takes effect from the date specified in the notice published in accordance with section 221 (which may not be earlier than the date of the notice); and
expires on the close of the day that is 5 years after the date on which it took effect, unless it is sooner replaced or revoked.
(5)
The breach of a term or condition of an exemption granted under subsection (1) is a breach of the provision to which the exemption relates (unless the terms of the exemption provide otherwise).