(1) The Board may, if
it considers there are reasonable grounds for doing so, cancel or suspend a
person’s authorisation under this Division.
(2) The Board must
cancel a person’s authorisation under this Division as soon as possible
after the Board becomes aware that any information provided to the Board in,
or in connection with, the person’s application for authorisation was
false or misleading in a material particular.
(3) The Board must
cancel a person’s authorisation under this Division at the written
request of the person.
(4) The Board must
give a person written notice of a decision under this regulation to cancel or
suspend the person’s authorisation as soon as practicable after making
the decision.
(5) A decision under
this regulation to cancel or suspend a person’s authorisation takes
effect on the later of the following —
(a) the
day on which notice of the decision is given to the person under
subregulation (4);
(b) the
day (if any) specified in the notice.
(6) The Board may, by
written notice given to a person whose authorisation under this Division is
suspended, revoke the suspension of the authorisation if the Board is
satisfied that the grounds for suspension of the authorisation no longer
exist.
(7) If an
authorisation under this Division is suspended, the authorisation is of no
effect during the period of suspension.