—(1) The Authority may by regulations, either permanently or for such period as the Authority may think fit, exempt any person or class of persons, any payment system or class of payment systems, any stored value facility or class of stored value facilities, from all or any of the provisions of this Act subject to such conditions or restrictions as may be prescribed.
(2) The Authority may, on the application of any person, by notice in writing exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction made by the Authority under this Act if the Authority considers it appropriate to do so in the circumstances of the case.
(3) An exemption granted under subsection (2) —
may be granted subject to such conditions or restrictions as the Authority may specify by notice in writing;
need not be published in the Gazette; and
may be withdrawn at any time by the Authority.
(4) Any person who contravenes any condition or restriction imposed under subsection (1) or (3)(a) shall be guilty of an offence.