(1) It is a condition of an approval that its holder, within the period prescribed by the regulations, inform any regulated person, to whom a particular condition of the approval applies, of the following:
(a) the particular condition, including any variation of it;
(b) any revocation of the approval.
(2) Requirements in relation to the manner in which information is provided under subsection (1) may be prescribed by the regulations.
(3) If such requirements are prescribed, it is a condition of the approval that its holder comply with the requirements.