324 Procedure for varying of conditions or suspension or cancellation of licence

(1)

The Minister must not vary the conditions of a licence on his or her own initiative under section 322(1), refuse an application for a variation under section 322, or suspend or cancel a licence under section 323 unless—

(a)

the Minister gives the licensed market operator no less than 10 working days’ written notice of the following matters before he or she exercises the power:

(i)

that the Minister may exercise the power; and

(ii)

the reasons why he or she may exercise the power; and

(b)

the Minister gives the licensed market operator or the licensed market operator’s representative an opportunity to make written submissions on the matter within that notice period.

(2)

The FMA must give written notice of the Minister’s decision under section 322 or 323 to the licensed market operator.