122Decision in relation to cancellation

122 Decision in relation to cancellation

122 Decision in relation to cancellation

(1) After considering any written response from the approval in principle holder received within the time allowed by section 121(c), the Regulatory Authority must—

(a) cancel the approval in principle; or

(b) decide not to cancel the approval in principle.

(2) The Regulatory Authority must give the approval in principle holder written notice of the decision and the reasons for the decision within 7 days after the decision is made.

(3) The decision to cancel the approval in principle takes effect—

(a) 14 days after the Regulatory Authority gives notice of the decision; or

(b) if another period is specified by the Regulatory Authority, at the end of that period.

(4) The notice of a decision to cancel must set out the date on which the cancellation takes effect.