(1) Where the Minister is of the opinion, after consulting the Bank and such other Ministers (if any) as he considers it appropriate to consult with, that there are adequate supervisory and inspection provisions contained in any enactment relating to a financial institution or a class or type of institution to which, but for an order under this section for the purposes of section 90(d), the provisions of this Chapter would apply, then the Minister may by order specify the enactment concerned and, where necessary in the context of that enactment, the institution or class or type of institution to which the order relates and, accordingly, those provisions shall not apply to an institution to which the order relates.

(2) The Minister may, after consulting the Bank and such other Ministers (if any) as he considers it appropriate to consult with, by order revoke an order under subsection (1).

(3) Notwithstanding subsection (1), an order under this section may provide that -

(a) the provisions of this Chapter shall not apply to financial institutions of a specified class or financial institutions engaged in a specified class of business, or