696Notice of refusal of exemption

696 Notice of refusal of exemption

696 Notice of refusal of exemption

(1) If the regulator refuses to grant an exemption, the regulator must give the applicant for the exemption written notice of the refusal within 14 days after making that decision.

(2) The notice must state the regulator’s reasons for the refusal.

Note—

A refusal to grant an exemption is a reviewable decision—see section 676.