Not taking regulatory action

In force

(1)

This section applies if, after considering a submission under section 41 (2) received from a licensee, the commissioner is satisfied on reasonable grounds that regulatory action against the licensee—

(a)

may not be taken; or

(b)

may be taken, but it is not appropriate to take the action.

(2)

The commissioner must give the licensee written notice telling the licensee that regulatory action will not be taken against the licensee in relation to the matters stated in the show cause notice.

This Act’s bill:Explanatory statement Second reading speech

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43 Not taking regulatory action