164CNotification of proposed regulatory action

164C Notification of proposed regulatory action (1) Before the regulator takes regulatory action against a licensee, the regulator must give the licensee a written notice (a show cause notice) stating— (a) the grounds on which, under section 164B, the regulator considers regulatory action may be taken; and (b) details of the proposed regulatory action; and (c) that the licensee may, not later than 14 days after the day the licensee is given the notice, give a written submission to the regulator about the proposed regulatory action. (2) The regulator must consider any written submission received by the regulator in response to the show cause notice when making a decision to take regulatory action against the licensee.