151BGRevocation of exemption order

151BG Revocation of exemption order

(1) If:

(a) an exemption order is in force in relation to a person; and

(b) the Commission is satisfied that:

(i) the order was made on the basis of information that was false or misleading in a material particular; or

(ii) a condition to which the order is subject has been contravened; or

(iii) there has been a material change of circumstances since the order was made;

the Commission may revoke the order.

(2) The Commission must not revoke an exemption order unless the Commission has first:

(a) published a draft notice of revocation and invited people to make submissions to the Commission on the draft notice; and

(b) considered any submissions that were received within the time limit specified by the Commission when it published the draft notice.

(3) The Commission may make a further exemption order under section 151BA in substitution for the revoked order.

(4) If the Commission revokes an exemption order relating to a person, the Commission must give the person a written notice stating that the order has been revoked and setting out the reasons for the revocation.

(5) A revocation of an exemption order takes effect:

(a) at the time when notice of the revocation is given; or

(b) if a later time is specified in the notice of the revocation—at that later time.