(1) The Panel may, in its discretion and on such terms and conditions (if any) as it thinks fit,-

1. Exempt any person from compliance with any provision of the takeovers code; and
2. Exempt, from compliance with any provision of the takeovers code,-
   1. Any class of persons:
   2. Any class of transactions:
   3. Any class of offers.

(2) An exemption under subsection (1)(a) may be granted in respect of past or proposed acts or omissions.

(2A) An exemption under subsection (1)(b) may be granted in respect of proposed acts or omission.

(3) An exemption shall have effect according to its tenor.

(4) An exemption, and the Panel's reasons for granting it, shall be notified in the Gazette as soon as practicable after being granted.

(4A) The Panel's reasons for granting an exemption under subsection (1) must include-

1. why it is appropriate that the exemption is granted; and
2. How the exemption is consistent with the objectives of the takeovers code.

(5) The Panel may defer notifying an exemption in the Gazette if the Panel is satisfied that it is proper to do so on the ground of commercial confidentiality.

(6) The Panel may defer notifying, or omit to notify, the reasons for granting an exemption in the Gazette if the Panel is satisfied that it is proper to do so on the ground of commercial confidentiality.

(7) The Panel may vary any exemption granted under this section, and the provisions of this section shall apply, with necessary modifications, in all respects to the variation.

(8) The Panel may revoke any exemption granted under this section, and shall notify the revocation in the Gazette as soon as practicable.

The Governor-General may from time to time, by Order in Council, make regulations for all or any of the following purposes:

(a) Repealed.

(b) Prescribing an annual fee in respect of the funding of the Panel that is payable in accordance with section 17 of this Act:

(c) Prescribing the fees and charges payable, or the rate at which fees and charges are to be calculated, for the purposes of this Act:

(ca) Without limiting paragraph (c), prescribing fees and charges that the Panel may require to be paid to it-

1. In connection with the exercise by the Panel of any power or function conferred on it by this Act:
2. On an application to the Panel to exercise any power or function conferred on it by this Act:

(cb) Authorising the Panel to require payment of any costs incurred by the Panel:

(d) Providing for such other matters as are contemplated by or necessary for giving full effect to the provisions of this Act and for its due administration.

(1) The Companies Amendment Act 1963 is repealed.

(2) Despite subsection (1), Part I of the Companies Amendment Act 1963 continues in force in respect of the acquisition of shares in a company in any case where notice of a takeover scheme has, before the commencement of this section, been served on the company under section 4 of the Companies Amendment Act 1963.