(1) The Secretary of State may exempt a person (whether an individual or a legal entity) under this section.
(2) The effect of an exemption is -
(a) the person is not required to comply with any notice under 790D, 790E or 790EA (but if a notice is received, the person must bring the existence of the exemption to the attention of the company that sent it),
(b) companies are not obliged to take steps or give notice under those sections to or with respect to that person,
(c) notices under 790DA do not require anyone else to give any information about that person,
(d) the duties imposed by sections 790G, 790H and 790HA do not apply to that person, and
(e) the person does not count for the purposes of any of sections 12A, 790LA, 790LC, 790LD, 790LE, 790LF, 790LG, 790LH and 790LM to 790LS as a registrable person or, as the case may be, a registrable relevant legal entity in relation to any company.
(3) The Secretary of State must not grant an exemption under this section unless the Secretary
…