Regulated entities to be notified of proposed action
45 Regulated entities to be notified of proposed action
The Regulator must not take action under section 40, 41 or 43 unless – the Regulator has given notice of the proposed action to – the regulated entity; and such other persons as may be prescribed by the regulations; and the regulated entity and each such person has been given a reasonable opportunity to make submissions to the Regulator in respect of the proposed action; and the Regulator has given consideration to any such submissions.
In a notice given under subsection (1)(a), the Regulator is to state the grounds on which the notice is given.
Subsection (1)(a)(i) does not apply to action taken at the request of the regulated entity.
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