168JNotice to revise DSMS

168J Notice to revise DSMS

(1) The regulator may give, to a person conducting a business or undertaking who gave the regulator a DSMS that the regulator accepted, notice (the revision notice) to revise the DSMS and give the revised DSMS to the regulator for acceptance. (2) The revision notice must be in writing and must set out: (a) the matters to be revised; and (b) the time within which the revised DSMS must be given to the regulator for acceptance; and (c) the reasons why the revision is necessary. (3) The person may make a submission in writing to the regulator, within 21 days after receiving the revision notice or any longer period that the regulator allows in writing, setting out the person’s reasons for any of the following: (a) why the revision is not necessary; (b) why the revision should be in different terms from those proposed; (c) why the time within which the revised DSMS must be given to the regulator for acceptance should be extended. (4) If a person makes a submission under subregulation (3), the regulator must, within 28 days after receiving the submission: (a) decide whether the regulator accepts the reasons in the submission; and (b) give the person notice in writing affirming, varying or withdrawing the revision notice; and (c) if the regulator decides not to accept the reasons or any part of them—set out in the notice under paragraph (b) the grounds for not accepting them. (5) The person must revise the DSMS, and give the regulator the revised DSMS for acceptance, in accordance with the revision notice as originally given or as varied under subregulation (4), unless the revision notice is withdrawn.

Note: Under regulation 168K, the regulator must withdraw the acceptance of the DSMS if the person does not give the revised DSMS to the regulator.