(1) After section 18 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 insert -
"18A Power to confer exemption from liability
(1) The Secretary of State may by order or regulations provide for the exemption from liability in subsections (3) and (4) to apply to specified bodies or persons (referred to in this section as "exempt persons").
(2) The order or regulations may provide for the exemption to apply subject to specified conditions or for a specified period.
(3) Neither the exempt person, nor any person who is (or is acting as) a member, officer or member of staff of the exempt person, is to be liable in damages for anything done, or omitted to be done, for the purposes of or in connection with -
(a) the carrying on of those section 16(2) activities of the exempt person that are specified in relation to that person, or
(b) the purported carrying on of any such activities.
(4) Subsection (3) does not apply -
(a) if the act or omission is shown to have been i
…