sec.352Amendment or cancellation of approval on Regulator’s initiative

sec.352 Amendment or cancellation of approval on Regulator’s initiative

Each of the following is a ground for amending or cancelling an electronic recording system approval— the approval was granted because of a document or representation that was— false or misleading; or obtained or made in an improper way; since the approval was granted, there has been a change in the circumstances that were relevant to the Regulator’s decision to grant the approval and, had the changed circumstances existed when the approval was granted, the Regulator would not have granted the approval, or would have granted the approval subject to conditions or different conditions. If the Regulator considers a ground exists to amend or cancel an electronic recording system approval (the proposed action ), the Regulator must give the holder of the approval a notice— stating the proposed action; and stating the ground for the proposed action; and outlining the facts and circumstances forming the basis for the ground; and if the proposed action is to amend the approval (including a condition of the approval)—stating the proposed amendment; and inviting the holder to make, within a stated time of at least 14 days after the notice is given to the holder, written representations about why the proposed action should not be taken. If, after considering all written representations made under subsection (2) (e) , the Regulator still considers a ground exists to take the proposed action, the Regulator may— if the proposed action was to amend the approval—amend the approval, including, for example, by imposing additional conditions on the approval, in a way that is not substantially different from the proposed action; or if the proposed action was to cancel the approval— amend the approval, including, for example, by imposing additional conditions on the approval; or cancel the approval. The Regulator must give the holder an information notice for the decision. The amendment or cancellation takes effect— when the information notice is given to the holder; or if a later time is stated in the information notice, at the later time. (sec.352-ssec.1) Each of the following is a ground for amending or cancelling an electronic recording system approval— the approval was granted because of a document or representation that was— false or misleading; or obtained or made in an improper way; since the approval was granted, there has been a change in the circumstances that were relevant to the Regulator’s decision to grant the approval and, had the changed circumstances existed when the approval was granted, the Regulator would not have granted the approval, or would have granted the approval subject to conditions or different conditions. (sec.352-ssec.2) If the Regulator considers a ground exists to amend or cancel an electronic recording system approval (the proposed action ), the Regulator must give the holder of the approval a notice— stating the proposed action; and stating the ground for the proposed action; and outlining the facts and circumstances forming the basis for the ground; and if the proposed action is to amend the approval (including a condition of the approval)—stating the proposed amendment; and inviting the holder to make, within a stated time of at least 14 days after the notice is given to the holder, written representations about why the proposed action should not be taken. (sec.352-ssec.3) If, after considering all written representations made under subsection (2) (e) , the Regulator still considers a ground exists to take the proposed action, the Regulator may— if the proposed action was to amend the approval—amend the approval, including, for example, by imposing additional conditions on the approval, in a way that is not substantially different from the proposed action; or if the proposed action was to cancel the approval— amend the approval, including, for example, by imposing additional conditions on the approval; or cancel the approval. (sec.352-ssec.4) The Regulator must give the holder an information notice for the decision. (sec.352-ssec.5) The amendment or cancellation takes effect— when the information notice is given to the holder; or if a later time is stated in the information notice, at the later time.