Clause 55

restrict, or impose conditions on, any transfer of only part (but not the whole) of the business (as defined in section 49FE) of a transferor under Division 2;

provide for either or both of the following:

that any arrangement is exempted from any provision of this Part;

that the Minister or the Authority shall not exercise any power under this Part in relation to any arrangement;

prescribe —

any set-off arrangement, netting arrangement or other type of arrangement as an arrangement referred to in paragraph (b)(i) or (ii);

for any arrangement referred to in paragraph (b)(i), each provision of this Part which that arrangement is exempted from; and

for any arrangement referred to in paragraph (b)(ii), each power which the Minister or the Authority shall not exercise in relation to that arrangement;

provide for any transaction to be void or voidable, or for any other consequence (including a consequence affecting any business, affairs, property, right, obligation, liability or power of any person under this Part, or affecting the operation of any provision of this Part) to arise, if any specified provision of the regulations is contravened;

provide that any contravention of any specified provision of the regulations shall be an offence punishable —

in the case of an individual, with a fine not exceeding $125,000 or with imprisonment for a term not exceeding 3 years or with both and, in the case of a continuing offence, with a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or

in any other case, with a fine not exceeding $250,000 and, in the case of a continuing offence, with a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction; and

exempt any person or class of persons from all or any of the provisions of this Part and the regulations, subject to such conditions or restrictions as may be prescribed.(3) All regulations made under this section shall be presented to Parliament as soon as possible after publication in the Gazette.(4) In this section —“netting arrangement” means an arrangement under which 2 or more claims or obligations can be converted into a net claim or obligation, and includes a close-out netting arrangement (under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set-off against each other or to be converted into a net debt);“set-off arrangement” means an arrangement under which 2 or more debts, claims or obligations can be set-off against each other.”.