Commentary on Sections Exercise of regulatory functions Section 101: Powers to vary or revoke orders, notices or directions etc
309.Subject to specified exceptions the Regulator has the power to vary or revoke any determination, notice, direction or order issued in exercising its regulatory functions. Subsection (3) provides that any variation or revocation of an order, notice or direction must be made by a subsequent order, notice or direction as the case may be. Subsection (4) provides that a variation or revocation cannot take effect before the date on which the revocation or variation is made. Subsection (5) provides that the section 101 power is not to be treated, for the purposes of subsection (1), as a regulatory function, and is in addition to any such legislative power conferred on the Regulator.