Regulator to give notice before varying or revoking exemption
145 Regulator to give notice before varying or revoking exemption
This section applies if:
the Regulator is proposing to vary or revoke an exemption in relation to a specified person under subsection 144(1), including by varying or revoking a condition imposed under subsection 144(3); and
the person did not apply to the Regulator under subsection 144(2)(a) for the variation or revocation.
The Regulator must, before taking the action:
give the person a notice, in writing, inviting the person to show cause, within a reasonable period specified in the notice, why the action should not be taken; and
consider any representations the person makes to the Regulator within that period.
A notice given under subsection (2) is not a legislative instrument.
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