the FMA is satisfied that the exemptions are not broader than reasonably necessary to address the matters that gave rise to them, given that the exemptions are limited to eligible irrigation companies whose shareholding is limited to specified equity securities and whose principal activity, as stated in their constitutions, is to manage and operate, under co-operative principles, shared infrastructure to effect irrigation. Further, much of the relief would be limited to those irrigation companies with an aggregate per shareholder capital investment of $5,000 or less, or revenue of $2 million or less, for the relevant financial reporting period.