Clause 247

A person may apply to the Authority 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 Authority may make such an order either unconditionally or subject to such conditions or restrictions as it thinks fit.

The Authority shall not make an order under subsection (1) unless it is of the opinion that compliance with the requirements in respect of which exemption has been applied for would be unduly burdensome.

The Authority 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.

An exemption referred to in subsection (3) may be subject to such conditions or restrictions as may be specified in the order.

Any person who contravenes any of the conditions or restrictions 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 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.

A prospectus or a profile statement shall be deemed to be in compliance with all the requirements of this Act relating to the form or 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).