(1)  If the Regulator believes on reasonable grounds that an entity is not complying with the standards or the universal principle, the Regulator may give to the entity a written notice requiring the entity to comply with the standards or the universal principle.

(2)  A notice given under subsection (1)  –

(a) is to specify the following:

(i) the reason for the issue of the notice to comply;

(ii) each standard or the universal principle with which the Regulator believes the entity is not complying and the grounds for that belief;

(iii) the action that the entity is required to take to address the matters that have been specified in the notice to comply;

(iv) the date by which the entity must take the action specified in the notice to comply, being not less than 14 days after the day on which the notice is given;

(v) any action that may be taken against the entity under this Act for failing to comply with the notice;

(vi) the maximum penalty under section 45 for failing to comply with the notice;

(vii) the process that the entity may use to seek an internal review of the decision to issue the notice;

(viii) any other prescribed matter; and

(b) may be accompanied by any recommendations or advice available to assist the entity to address the matters specified in the notice.

(3)  Despite subsection (2)(a)(iv) , the Regulator may, if satisfied that exceptional circumstances exist, specify a date by which the standards or the universal principle must be complied with that is less than 14 days after the day on which the notice is given.

(4)  The Regulator may, by further written notice given to an entity, and at any time, vary or revoke a notice given to the entity under subsection (1) to comply with the standards or the universal principle.