13BExtension of time to give report—other extensions

13B Extension of time to give report—other extensions

(1) An entity that is required to give a payment times report may apply, in writing, to the Regulator for a further period to give the report.

Note: See section 27A (requirements for applications made to the Regulator).

(2) An application under this section may only be made if: (a) the period in which the report is required to be given (including that period as previously extended under this section) has not ended; and (b) the Regulator has not previously allowed the entity further time to give the report under section 13A. (3) The application must: (a) state the further period that the applicant is seeking to give the report; and (b) state the circumstances that have resulted in the need for further time; and (c) include evidence of those circumstances. (4) The Regulator may, by written notice to the entity, allow the entity such further time to give the report as is specified in the notice, if: (a) the Regulator has considered the application and any matters prescribed by the rules; and (b) the Regulator is satisfied that the circumstances that have resulted in the need for further time are exceptional.

Note: A decision not to allow further time is reviewable: see section 51.

(5) The Regulator must not specify more time in the notice than the Regulator considers appropriate, having regard to: (a) the severity of the circumstances that have resulted in the need for further time; and (b) the strength of the evidence of those circumstances included in the application.