Part XIII

Incoming Firms: Intervention by Authority

Supplemental

Rescission and variation of requirements
200
1
The Authority may rescind or vary a requirement imposed in exercise of its power of intervention on its own initiative or on the application of the person subject to the requirement.
2
The power of the Authority on its own initiative to rescind a requirement is exercisable by written notice given by the Authority to the person concerned, which takes effect on the date specified in the notice.
3
Section 197 applies to the exercise of the power of the Authority on its own initiative to vary a requirement as it applies to the imposition of a requirement.
4
If the Authority proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.
5
If the Authority decides to refuse an application for the variation or rescission of a requirement—
a
the Authority must give the applicant a decision notice; and
b
that person may refer the matter to the Tribunal.