When the State Highway Administration or a local authority approves a foot racing event on a highway or a highway bridge under its respective jurisdiction, foot racing shall be lawful. The State Highway Administration or a local authority may approve a foot racing event only under conditions that: Provide reasonable safety for race participants, spectators, and other highway or highway bridge users; and Prevent unreasonable interference with traffic flow that would seriously inconvenience other highway or highway bridge users. If traffic control adequately assures the safety of participants, spectators, and other highway or highway bridge users, the State Highway Administration or a local authority may exempt participants in an approved foot racing event from compliance with other provisions of the Maryland Vehicle Law that otherwise would be applicable to the participants in the foot racing event.