45Regulated entities to be notified of proposed action

45 Regulated entities to be notified of proposed action

(1)  The Regulator must not take action under section 40 , 41 or 43 unless –

(a) the Regulator has given notice of the proposed action to –

(i) the regulated entity; and

(ii) such other persons as may be prescribed by the regulations; and

(b) the regulated entity and each such person has been given a reasonable opportunity to make submissions to the Regulator in respect of the proposed action; and

(c) the Regulator has given consideration to any such submissions.

(2)  In a notice given under subsection (1)(a) , the Regulator is to state the grounds on which the notice is given.

(3)  Subsection (1)(a)(i) does not apply to action taken at the request of the regulated entity.