This section applies to an exercise, by either regulator, of the power to vary an approval under section 63ZB.
A variation takes effect—
A variation may be expressed to take effect immediately (or on a specified date) only if the regulator concerned, having regard to the ground on which it is exercising the power to vary, reasonably considers that it is necessary for the variation to take effect immediately (or on that date).
If either regulator proposes to vary an approval or varies an approval with immediate effect, it must give each of the interested parties written notice.
The notice must—
"The interested parties", in relation to an approval, are—
The regulator giving the notice may extend the period allowed under the notice for making representations.
If having considered the representations made by the interested parties, the regulator decides—
it must give each of the interested parties written notice.
If having considered the representations made by the interested parties, the regulator decides—
it must give each of the interested parties written notice.
A notice under subsection (8) must inform the interested parties of the right of each of them to refer the matter to the Tribunal.
A notice under subsection (9)(b) must comply with subsection (5).
If a notice informs the interested parties of the right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
"Approval" means an approval under section 59.