[(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 section 790D(2) or 790E (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 section 790D(5)
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