11 Exemption from obligation to comply with Code

(1)

Despite section 9(1)(b), an industry participant need not comply with the Code, or specific provisions of the Code, if—

(a)

it is a member of a class of industry participants identified in regulations made under section 110 as a class of industry participants that is exempt from the obligation to comply with the Code or specific provisions of the Code; or

(b)

the Authority exempts the participant by issuing an individual exemption notice in the Gazette that—

(i)

identifies the industry participant that is exempt from the obligation to comply with the Code or specific provisions of the Code; and

(ii)

gives reasons for the exemption.

(2)

The Authority may grant an individual exemption to an industry participant only if the Authority is satisfied that—

(a)

it is not necessary, for the purpose of achieving the Authority’s objective under section 15, for that participant to comply with the Code or the specific provisions of the Code; and

(b)

exempting the participant will reduce overall administration and compliance costs.

(3)

The Authority may amend or revoke an individual exemption, by issuing a notice in the Gazette that identifies the exempt participant and gives reasons for the amendment or revocation, but only if the Authority—

(a)

has given notice of the proposed amendment or revocation to the exempt participant and given the participant a reasonable opportunity to comment on the proposal; and

(b)

is satisfied that—

(i)

the amendment or revocation is necessary or desirable for the purpose of achieving the Authority’s objective under section 15; and

(ii)

the benefit of the amendment or revocation outweighs any disadvantage resulting from any increased administration and compliance costs.

(4)

To avoid doubt, an individual exemption notice issued under subsection (1)(b) is not a regulation for any purpose.

(5)

The Authority must publicise a list of all current class and individual exemptions.