Clause 7

A person may apply to the Registrar in writing for an order of exemption from any requirement of this Act relating to the form or content of a prospectus or a profile statement, and the Registrar may make such an order either unconditionally or subject to such conditions as he may think fit to impose.(2) The Registrar shall not make an order under subsection (1) unless he is of the opinion that compliance with the requirements in respect of which exemption has been applied for would be unduly burdensome.(3) The Registrar may, by order published in the Gazette, exempt any class or description of prospectuses or profile statements from such requirement of this Act relating to the form or content of a prospectus or a profile statement, as the case may be, as may be specified in the order.(4) An exemption referred to in subsection (3) may be subject to such conditions as may be specified in the order.(5) Any person who contravenes or fails to comply with any of the conditions specified in the order made under subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(6) A prospectus or a profile statement shall be deemed to be in compliance with all the requirements of this Act relating to the form and content of a prospectus or a profile statement, as the case may be, if it is issued in compliance with an order made under subsection (1) or (3).”.