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49. Exercise of power under section 48: procedure

Past version: effective from 20/10/2015 - 19/10/2015
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(1) This section applies to an exercise by the Regulator of the power to vary an Approval under section 48.
(2) A variation takes effect —
(a) immediately, if the notice given states that that is the case;
(b) on such date as is specified in the notice; or
(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
(3) A variation may be expressed to take effect immediately (or on a specified date) only if the Regulator reasonably considers that it is necessary for the variation to take effect immediately (or on that date).
(4) If the Regulator proposes to vary an Approval or varies an Approval with immediate effect, it must give each of the Interested Parties written notice.
(5) The notice must —
(a) give details of the variation;
(b) state the Regulator's reasons for the variation;
(c) inform the Interested Parties that each of them may make representations to the Regulator within such period as may be specified in the notice (whether or not any of the Interested Parties has referred the matter to the Regulatory Committee);
(d) inform the Interested Parties of when the variation takes effect; and
(e) inform the Interested Parties of the right of each of them to refer the matter to the Regulatory Committee.
(6) The Regulator may extend the period allowed under the notice for making representations.
(7) If having considered the representations made by the Interested Parties, the Regulator decides to vary the Approval, or if the variation has taken effect, not to rescind it, it must give each of the Interested Parties written notice.
(8) If having considered the representations made by the Interested Parties, the Regulator decides —
(a) not to vary the Approval;
(b) to vary the Approval in a different way; or
(c) if the variation has taken effect, to rescind it;
it must give each of the Interested Parties written notice.
(9) A notice under subsection (7) must inform the Interested Parties of the right of each of them to refer the matter to the Regulatory Committee.
(10) A notice under subsection (8)(b) must comply with subsection (5).
(11) For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 252(7).