(a) An exemption does not take effect or protect parties in interest
from liability with respect to the exemption transaction unless the
material facts and representations contained in the application and in
any materials and documents submitted in support of the application were
true and complete.
(b) An exemption is effective only for the period of time specified
and only under the conditions set forth in the exemption.
(c) Only the specific parties to whom an exemption grants relief may
rely on the exemption. If the notice granting an exemption does not
limit exemptive relief to specific parties, all parties to the exemption
transaction may rely on the exemption.
