(1) The Treasury may by regulations provide for exemptions from the requirement imposed by section 55NA(1) not to give approvals for the purposes of section 21 without permission.
(2) Regulations under subsection (1) may provide for an exemption to have effect -
(a) in respect of specified persons;
(b) in respect of persons falling within a specified class;
(c) in respect of approval given in relation to activities of a specified description;
(d) only in specified circumstances;
(e) subject to specified conditions.
(3) In this section "specified" means specified in regulations under this section.