18Regulator may approve action plans or require action plans to be amended

18 Regulator may approve action plans or require action plans to be amended

18 Regulator may approve action plans or require action plans to be amended

(1) After receiving an action plan, the regulator may, by written notice to the person who lodged the action plan—

(a) approve the action plan (the approved action plan) with effect from the date specified in the notice, or

(b) direct the person who lodged the action plan to—

(i) amend the action plan, and

(ii) relodge the action plan within the period specified in the notice.

(2) An approved action plan is subject to the conditions, if any, specified by the regulator in a notice under this section or section 20.

(3) A person who lodged an approved action plan may lodge a draft revised or amended action plan with the regulator for approval under this section.