164ENot taking regulatory action

164E Not taking regulatory action (1) This section applies if, after considering a submission under section 164C (2) received from a licensee, the regulator is satisfied on reasonable grounds that regulatory action against the licensee— (a) may not be taken; or (b) may be taken, but it is not appropriate to take the action. (2) The regulator must give the licensee written notice telling the licensee that regulatory action will not be taken against the licensee in relation to the matters stated in the show cause notice.