299Licence—taking regulatory action

299 Licence—taking regulatory action (1) If the conservator proposes to take regulatory action in relation to a licensee, the conservator must give the licensee a written notice (a show cause notice) stating— (a) details of the proposed regulatory action; and (b) the grounds for the proposed regulatory action; and (c) that the licensee may, not later than 14 days after the day the licensee is given the notice, give a written submission to the conservator about the proposed regulatory action. (2) In deciding whether to take the proposed regulatory action, the conservator must consider any submission given to the conservator in accordance with the show cause notice. (3) If the conservator believes on reasonable grounds that a ground for regulatory action has been established in relation to the licensee, the conservator may— (a) take the regulatory action stated in the show cause notice; or (b) if the proposed regulatory action is cancelling the licence and disqualifying the person from applying for a licence— (i) cancel the licence; or (ii) suspend the licence; or (iii) impose a condition on, or amend a condition on, the licence; or (c) if the proposed regulatory action is cancelling the licence— (i) suspend the licence; or (ii) impose a condition on, or amend a condition on, the licence; or

(d) if the proposed regulatory action is suspending the licence— (i) suspend the licence for a shorter period; or (ii) impose a condition on, or amend a condition on, the (4) Regulatory action under this section takes effect on— (a) the day the licensee is given written notice of the decision; or (b) if the written notice states a later date of effect—that date.