231LReview of refusal to release financial assurance—decision and timing

231L Review of refusal to release financial assurance—decision and timing (1) Subject to section 231M, the Authority must decide whether or not to refuse to release all or part of the financial assurance within 40 business days of the earlier of the following days— (a) the day on which a submission under section 231J(b) is received; (b) the day on which a notice from the person who provided the financial assurance is received, stating that a submission will not be made; (c) the day on which a submission under section 231J(b) is due, including any agreed extension. (2) The Authority may require the person who provided the financial assurance to provide the Authority with any information that the Authority considers necessary. (3) The time in which the Authority must make a decision under subsection (1) does not include— (a) if the Authority requires information under subsection (2), the period from the date that the Authority makes the request until the date on which the Authority receives the information; or (b) any period that the Authority and the person who provided the financial assurance agree is not to be included in that time. (4) Within 5 business days of making a decision under subsection (1), the Authority must notify the following persons in writing— (5) There is no limit to the number of times a financial assurance may be reconsidered and all or part of its release refused under this section before any expiry date set out in the financial assurance is reached. S. 231M inserted by No. 35/2023 s. 32.