42JNotice to show cause

#### 42J Notice to show cause 42J Notice to show cause > > (1) This section applies if the NICC reasonably believes there may be grounds for revoking a close associate approval. > > > (2) The NICC may, by written notice (a show cause notice) given to the close associate, invite the close associate to show cause why the close associate’s approval should not be revoked. > > > (3) The show cause notice must state— > > > > > (a) the grounds the NICC reasonably believes may exist for revoking the close associate approval, and > > > > > (b) that the close associate may make submissions to the NICC, in the way specified in the show cause notice, about why the close associate approval should not be revoked, and > > > > > (c) the period, not less than 21 days, in which the close associate may make the submissions. > > > (4) The close associate may, in accordance with the show cause notice, make submissions to the NICC. > > > (5) After considering any submissions made by the close associate in accordance with the show cause notice, the NICC must decide to— > > > > > (a) revoke the close associate approval, or > > > > > (b) continue the close associate approval. > > **s 42J:** Ins 2022 No 36, Sch 1\[42\].