—(1) The Authority may, with the approval of the Minister, on the application of any person or on its own initiative, grant an exemption from section 69(1) or 70(1) to any agreement or conduct.
(2) An exemption under subsection (1) —
may be granted subject to such conditions or obligations as the Authority considers appropriate;
shall have effect for such period as the Authority considers appropriate; and
shall be in writing and sent by the Authority to the person to whom the exemption is granted.
(3) The Authority shall notify any applicant in writing of its decision under subsection (1) not to grant an exemption.
(4) An exemption under this section shall, unless previously revoked in accordance with the terms of such exemption, continue in force for such period as is specified in such exemption.
(5) The Authority may, with the approval of the Minister, on the application of any person or on its own initiative —
extend the period for which an exemption granted under subsection (1) has effect;
vary or remove any condition or obligation specified in an exemption; or
impose additional conditions or obligations in an exemption.