34MProcedure on application by licensee for suspension or cancellation of licence

34M Procedure on application by licensee for suspension or cancellation of licence

(1) If the Regulator grants an application by a licensee under section 34L(1)(a)—

(a) the licensee and the Regulator must enter into a written agreement outlining the terms of the suspension or cancellation; and

(b) the licence is suspended or cancelled on the terms outlined in the agreement.

(2) If, in the case of an application for suspension of a licence under section 34L(1)(a), the Regulator is not satisfied that, in the circumstances, suspension of the licence is adequate for the purposes of ensuring the licensee's ongoing compliance with this Act or the regulations, the Regulator may refuse to grant the application and may give the licensee a show cause notice proposing to cancel the licence in accordance with section 34P.

S. 34N inserted by No. 51/2024 s. 8.