If a Reporting Financial Institution, person or intermediary enters into any arrangements or engages in a practice, the main purpose or one of the main purposes, of which can reasonably be considered to be to avoid an obligation imposed under these Regulations thereunder, the Reporting Financial Institution, person or intermediary is subject to the obligation as if the Reporting Financial Institution, person or intermediary had not entered into the arrangement or engaged in the practice.
Unless it can be shown that it was done in bad faith, neither the Authority, its delegate, nor any Authority officer can be held liable for any act, attempted act or omission in the performance, purported non-performance or non¬performance of its functions in connection with these Regulations.