Clause 63

by deleting subsections (1) to (4) and substituting the following subsections:“(1) The Authority may exempt any person or any prospectus or profile statement from any requirement of this Act relating to the form or content of a prospectus or profile statement, subject to such conditions or restrictions as may be determined by the Authority.(2) The Authority shall not grant an exemption under subsection (1) unless it is of the opinion that —

the cost of complying with the requirement in respect of which exemption has been applied for outweighs the resulting protection to investors; or

it would not be prejudicial to the public interest if the requirement in respect of which exemption has been applied for were dispensed with.(3) The Authority may exempt any class of persons, or any class or description of prospectuses or profile statements, from any requirement of this Act relating to the form or content of a prospectus or profile statement, subject to such conditions or restrictions as may be determined by the Authority.”; and

by deleting subsection (6).