• Revocation and variation of Waivers or Modification

    • GEN 8.2.6

      The Regulator may revoke or vary a Waiver or Modification at any time. In deciding whether to revoke or vary a Waiver or Modification, the Regulator will consider whether the conditions in Rules 8.2.1 to 8.2.3 are no longer satisfied, and whether the Waiver or Modification is otherwise no longer appropriate.

      Amended on (3 February, 2020).

    • GEN 8.2.7

      If the Regulator proposes to revoke or vary a Waiver or Modification, or revokes or varies a Waiver or Modification with immediate effect, it will:

      (1) give the Authorised Person or Recognised Body written notice either of its proposal, or of its action, and may give reasons for such proposal or action; and
      (2) state in the notice a reasonable period within which the Authorised Person or Recognised Body can make representations about the proposal or action.
      Amended on (3 February, 2020).

    • GEN 8.2.8

      If the Authorised Person or Recognised Body wishes to make oral representations in accordance with its rights under Rule 8.2.7(2), it should:

      (1) inform the Regulator as soon as possible;
      (2) specify who will make the representations; and
      (3) specify which matters will be covered.

    • GEN 8.2.9

      Upon receipt of information from the Authorised Person or Recognised Body under Rule 8.2.8, the Regulator will inform the Authorised Person or Recognised Body of the time and place for hearing the representations and may request a written summary of such representations.

    • GEN 8.2.10

      After considering any representations made by an Authorised Person or Recognised Body under Rule 8.2.8:

      (1) in the case of a proposed revocation or variation, the Regulator will give the Authorised Person or Recognised Body written confirmation of its decision to revoke or vary the Waiver or Modification or not, as the case may be; or
      (2) in the case of a revocation or variation that has already taken effect, either confirm the revocation or variation or seek the Authorised Person or Recognised Body's consent to a new Waiver or Modification.
      Amended on (3 February, 2020).

    • GEN 8.2.11

      Alternatively, the Regulator may vary a Waiver or Modification with the Authorised Person or Recognised Body's consent, or upon the application of an Authorised Person or Recognised Body.

      Amended on (3 February, 2020).

    • GEN 8.2.12

      If an Authorised Person or Recognised Body wishes the Regulator to vary a Waiver or Modification, or the Regulator wishes to vary a Waiver or Modification with the consent of the relevant Authorised Person or Recognised Body, both the Authorised Person or Recognised Body and the Regulator should follow the procedures in this Rule.

      Amended on (3 February, 2020).

    • GEN 8.2.13

      If the Waiver or Modification that has been revoked or varied, as the case may be, has previously been published, the Regulator may publish the variation unless it is satisfied that it is inappropriate or unnecessary to do so, having regard to any representations made by the Authorised Person or Recognised Body.

      Amended on (3 February, 2020).