145Regulator to give notice before varying or revoking exemption

145 Regulator to give notice before varying or revoking exemption

(1) This section applies if: (a) 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 (b) the person did not apply to the Regulator under subsection 144(2)(a) for the variation or revocation. (2) The Regulator must, before taking the action: (a) 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 (b) consider any representations the person makes to the Regulator within that period. (3) A notice given under subsection (2) is not a legislative instrument.