If the Regulatory Authority is considering the cancellation of an approval in principle under section 120, the Regulatory Authority must first give the approval in principle holder a show cause notice stating--
(a) that the Regulatory Authority intends to cancel the approval in principle; and
(b) the reasons for the proposed cancellation; and
(c) that within 30 days after the notice is given, the holder may give the Regulatory Authority a written response to the proposed cancellation.