No, it says “Subject to section 541”. So subject to that section, “the Chief Electoral Officer shall refuse to disclose” information obtained or created in the course of an investigation—but this is subject to section 541. So the Chief Electoral Officer still has to respect the requirements under section 541, in terms of rendering or making public the information required by that section.
So we can't use the exemption to avoid the obligation under section 541 of the Canada Elections Act. That's what this is saying.