550Procedural requirements for regulations relating to exemptions, exclusions, and definitions

1. The Minister must, before making a recommendation in relation to a provision referred to in—

2. subsection (2), have regard to the main and additional purposes of this Act set out in sections 3 and 4; and
3. subsection (2)(a), (b), or (e), be satisfied that the extent to which requirements are disapplied is not broader than is reasonably necessary to address the matters that gave rise to the regulations; and
4. subsection (2)(c), (d), (da), (db), (ea), (eb), and (f), be satisfied that the extent of the exemption or exclusion is not broader than is reasonably necessary to address the matters that gave rise to the regulations; and
5. subsection (2)(g), be satisfied that the extent to which the application of section 534 is reduced is not broader than is reasonably necessary to address the matters that gave rise to the regulations; and
6. subsection (2)(h), have regard to the purpose and principles of the Trusts Act 2019 and be satisfied that the extent to which that Act is disapplied is not broader than is reasonably necessary to address the matters that gave rise to the regulations.

7. The provisions are—

8. sections 543(1)(a)(v) and (x), and (f), and 548(1)(b) (regulations may prescribe circumstances in which requirements do not apply):
9. section 544(1)(k), (o), (r), (s), and (v)(iii), (iv), (via), and (ix) (regulations may prescribe circumstances in which requirements do not apply):
10. section 545(1)(a), (g), (j), and (m) (regulations may provide for exemptions from certain requirements):
11. section 546(1)(b), (c), (ca), and (cc) (regulations may prescribe exemptions relating to requirement to be licensed):
12. section 546(1)(me), (mf), (mg), (mh), and (mi) (regulations may prescribe matters in relation to exclusions from definitions of financial advice, regulated financial advice, and regulated client money or property service):
13. section 546(1)(mn) (regulations may prescribe circumstances in which requirements do not apply):
14. section 546(1)(o) and (oe) (regulations may disapply requirements):
15. section 546(1)(ob) (regulations may exclude services from being relevant services under subpart 6A of Part 6):
16. section 546(1)(of) (regulations may exclude occupations and activities from involvement in provision of relevant services or associated products):
17. section 548(1)(d)(i), (ii), (v), and (viii) (regulations relating to definitions):
18. section 548(1)(h) (regulations may prescribe circumstances in which section 534 does not apply):
19. section 548(1)(ha) (regulations may disapply provisions of Trusts Act 2019).

20. The Minister must, before making a recommendation in relation to section 548(1)(d)(iii) (regulations relating to definition of retirement scheme) in relation to any enactment, have regard to the purposes of that enactment and be satisfied that the extent of the exclusion is not broader than is reasonably necessary to address the matters that gave rise to the regulations.