698Notice of amendment or cancellation

698 Notice of amendment or cancellation

698 Notice of amendment or cancellation

(1) The regulator must give written notice of the amendment or cancellation of an exemption, within 14 days after making the decision to amend or cancel the exemption, to—

(a) if a person applied for the exemption—the applicant, or

(b) if the regulator granted the exemption on its own initiative—each person (other than persons to whom subsection (2) applies) to whom the exemption applies.

(2) If the exemption affects a class of persons or is granted under section 689A(1), the regulator must publish notice of the amendment or cancellation of the exemption in the Gazette.

(3) The notice must state the regulator’s reasons for the amendment or cancellation.

(4) The amendment or cancellation takes effect—

(a) on the publication of the notice in the Gazette, or on a later date specified in the notice, or

(b) if the notice is not required to be published in the Gazette, on the giving of the notice to the applicant under subsection (1) or on a later date specified in the notice.