(1) The authority having power to make regulations under this Chapter may by order -
(a) designate classes of companies for the purposes of section 786 (provision enabling or requiring arrangements to be adopted);
(b) provide that, in relation to securities of a specified description -
(i) in a designated class of companies, or
(ii) in a specified company or class of companies,
specified provisions of regulations made under this Chapter by virtue of that section either do not apply or apply subject to specified modifications.
(2) In subsection (1) "specified" means specified in the order.
(3) An order under this section is subject to negative resolution procedure.