49. Section 85 of the Act of 2021 is amended—

(a) in subsection (2), by the substitution of “Subject to subsection (2A), the proposed assignor” for “The proposed assignor”,

(b) by the insertion of the following subsections after subsection (2):

“(2A) Subject to subsections (2B) and (2C), the Minister may by regulations specify—

(a) a class of assignments (including identifying such class by reference to a class of proposed assignees in relation to whom assignments which fall within that class may be made) to which subsection (2) shall not apply, and

(b) the procedures or requirements that will apply to an application by the proposed assignor or the proposed assignee, or both of them, made to the MARA for the MARA’s consent in writing to an assignment which falls within that class (which procedures or requirements may be, or include, modifications of the procedures or requirements which apply to an assignment to which subsection (2) does apply).

(2B) Where the Minister makes regulations under subsection (2A), he or she shall, in addition to having regard to the other provisions of this Act, also have regard to the following principles and policies in relation to the class of assignments concerned and the procedures and requirements that will apply to the applications concerned:

(a) whether the nature of an assignment which falls within that class, or the nature of the proposed assignee to whom the assignment may be made, or both, warrants the disapplication of subsection (2) to that class on the basis that to apply that subsection to that class would be disproportionate;

(b) whether the procedures and requirements applicable to those applications are more proportionate for the purposes of the assignment concerned than the procedures and requirements that would otherwise apply to the assignment by virtue of subsection (2) if that subsection were to apply to the assignment.

(2C) On and after the establishment day, the Minister shall not make regulations under subsection (2A) except after consultation with the MARA.”,

and

(c) by the substitution of the following subsection for subsection (3):

“(3) The assignment of a MAC purporting to be effected, as appropriate—

(a) without the consent referred to in subsection (2), or

(b) otherwise than in compliance with regulations made under subsection (2A),

shall be void.”.