121Show cause notice before cancellation

121 Show cause notice before cancellation

121 Show cause notice before cancellation

If the Regulatory Authority is considering the cancellation of an approval in principle under section 120, the Regulatory Authority must first give the approval in principle holder a show cause notice stating—

(a) that the Regulatory Authority intends to cancel the approval in principle; and

(b) the reasons for the proposed cancellation; and

(c) that within 30 days after the notice is given, the holder may give the Regulatory Authority a written response to the proposed cancellation.