520Authority may withdraw registration based on false, misleading or incomplete information

520 Authority may withdraw registration based on false, misleading or incomplete information

(1) The Authority may withdraw a registration under this Part if it is satisfied—

(a) that the applicant gave information in the application that was false or misleading in a material particular (without advising the Authority in writing at the time that the information was given that it was false or misleading); or

(b) that the applicant did not disclose material information to the Authority.

(2) Before withdrawing a registration the Authority must conduct an inquiry to determine whether there are grounds for taking action under subregulation (1).

(3) The Authority must give the person who holds the registration (the registration holder) written notice of the inquiry.

(4) The notice must—

(b) set out an outline of all allegations, facts and circumstances known to the Authority that are relevant to the inquiry; and

(c) invite the registration holder to make a submission to the inquiry; and

(d) specify a period of not less than 14 days within which the registration holder may make a submission.

(5) After considering any submission made by, or on behalf of, the registration holder in the period allowed, the Authority must decide whether or not grounds exist to withdraw the registration.

(6) If the Authority is satisfied that grounds exist to withdraw the registration, the Authority must—

(a) withdraw the registration; and

(b) give the registration holder written notice of the following—

(i) its decision;

(ii) the reasons for its decision;

(iii) the date the withdrawal is to take effect.

(7) In specifying the date that the withdrawal is to take effect, the Authority must not specify a date that is less than 14 days after the registration holder is given the notice.