105Reductions in amount of financial security

105 Reductions in amount of financial security

(1) For the purposes of paragraph 117(4)(d) of the Act, the Minister may determine, in writing, that the amount of financial security provided by a licence holder may be reduced by a particular amount if the Minister is satisfied that the reduction would not result in the total amount of financial security provided by the licence holder in relation to the licence being insufficient to pay the costs, expenses and liabilities mentioned in subsection 117(1) of the Act. (2) In considering whether to make a determination under subsection (1): (a) the Minister must seek advice from the Regulator; and (b) the Minister must have regard to that advice. (3) The Minister must give the licence holder a copy of a determination under subsection (1) within 30 days after making the determination.