s 247 Exemption from requirements as to form or content of prospectus or profile statement
247.—(1) The Authority may exempt any person or any prospectus or profile statement from any requirement of this Act relating to the form or content of a prospectus or profile statement, subject to such conditions or restrictions as the Authority may determine. (2) The Authority must not grant an exemption under subsection (1) unless it is of the opinion that —(a) the cost of complying with the requirement in respect of which exemption has been applied for outweighs the resulting protection to investors; or (b) it would not be prejudicial to the public interest if the requirement in respect of which exemption has been applied for were dispensed with. (3) The Authority may exempt any class of persons, or any class or description of prospectuses or profile statements, from any requirement of this Act relating to the form or content of a prospectus or profile statement, subject to such conditions or restrictions as the Authority may determine. (4) [Deleted by Act 16 of 2003] (5) Any person who contravenes any of the conditions or restrictions imposed under subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.