200 Rescission and variation of requirements
200 Rescission and variation of requirements

(1)     [Either regulator] 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 [either regulator] on its own initiative to rescind a requirement is exercisable by written notice given by [the regulator] 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 [regulator] on its own initiative to vary a requirement as it applies to the imposition of a requirement.

(4)     If the [regulator] proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.