Following a review under section 116(1) or (2) the Commission may—
give the holder of an operating licence a warning;
attach an additional condition to a licence under section 77;
remove or amend a condition attached to a licence under section 77;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
exercise the power under section 118 to suspend a licence;
exercise the power under section 119 to revoke a licence;
exercise the power under section 121 to impose a penalty.
Where the Commission determines to take action under subsection (1) in respect of a licence it shall as soon as is reasonably practicable notify the licensee of—
the action, and
the Commission's reasons.
In determining what action to take under subsection (1) following a review the Commission may have regard to a warning under that subsection given to the licensee following an earlier review (whether or not of that licence).