Changes to licences

322 Variation of conditions

(1)

The Minister may, on his or her own initiative under subsection (2) or on the application of a licensed market operator, vary the conditions of the licence at any time after the licence is issued by written notice to the licensed market operator.

(2)

The Minister may vary the conditions of the licence on his or her own initiative only—

(a)

in 1 of the following circumstances:

(i)

if there is a significant change in market circumstances that the Minister is satisfied makes it necessary to vary the conditions, having regard to the market operator obligations and the matters referred to in section 308; or

(ii)

in accordance with section 343; and

(b)

after following the procedure set out in section 324(1).

(3)

A licensed market operator may apply, in the manner that is specified by the FMA, for the Minister to vary the conditions of the licence.

(4)

A licensed market operator must provide to the FMA or the Minister the information that is required by the FMA or the Minister to assist it in determining the application.

(5)

For the purposes of this subpart, vary, in relation to the conditions of a licence, includes to vary, revoke, add to, or substitute any of those conditions.