; (B) the details of the emergency or exigent circumstances; and (C) the reasons why the covered entity needed to use, access, or disclose the personal information. (e) Exemptions (1) In general In promulgating regulations under subsection (a), the Commission may grant an exemption to a specific covered entity from the control requirements under this section after taking into account— (A) privacy risks posed by the use of personal information by the covered entity; (B) the costs and benefits of applying the regulations to the covered entity; and (C) whether— (i) the personal information held by the covered entity is— (I) necessary and used, retained, or shared only to protect the security of the covered entity’s service; (II) (aa) necessary for providing a service requested by an individual; and (bb) consistent with the context of the service provided; (III) necessary to initiate, render, bill for, or collect payment for a service or product requested by an individual from the covered entity; or (IV) necessary to protect— (aa) the rights or property of the covered entity; or (bb) individuals who use the services or products provided by the covered entity or other covered entities from fraudulent, abusive, or unlawful use of the service or product; or (ii) the covered entity— (I) de-identifies the personal information held by the covered entity