29Variation of approval

29 Variation of approval (1) On written application by a rating entity, the director-general may vary the entity’s approval if the director-general— (a) has considered any reasons provided by the entity in its application; and (b) is satisfied it is appropriate to vary the approval.

(2) The director-general may vary the approval of a rating entity on the director-general’s own initiative if the director-general— (a) has given the entity a written notice that— (i) states how the director-general proposes to vary the (ii) states the reason the director-general proposes to vary the (iii) tells the entity that it may give a written response to the director-general about the matters stated in the notice not later than 28 days after the day the entity receives the notice; and (b) has considered any response given in accordance with paragraph (a) (iii); and (c) is satisfied it is appropriate to vary the approval. (3) A variation of an approval takes effect on the day stated in the variation. (4) A variation of an approval is a notifiable instrument. vary, in relation to an approval includes— (a) varying the term of the approval; and (b) adding, amending or removing a condition of the approval.

Rating entities Part 3