185. Revocation of requirements: applications by Issuers

(1) This section applies where the Regulator has imposed a Section 180 Requirement on an Institution or a class of Institutions.
(2) The Issuer of the Financial Instrument may apply to the Regulator for the revocation of the requirement.
(3) The Regulator must decide whether to revoke the requirement.
(4) In the case of a requirement imposed on a class of Institutions, the Regulator may decide to revoke it in relation to —
(a) the class;
(b) the class apart from one or more specified members of it; or
(c) one or more specified members of the class only.
(5) The Regulator must give the Issuer a written notice if —
(a) in the case of a requirement imposed on an Institution, the Regulator proposes not to revoke the requirement; or
(b) in the case of a requirement imposed on a class, the Regulator proposes not to revoke the requirement or to revoke it in relation to —
(i) the class apart from one or more specified members of it; or
(ii) one or more specified members of the class only.
(6) A notice given under subsection (5) must —
(a) inform the recipient that he may make representations to the Regulator within such period as may be specified by the notice (whether or not he has referred the matter to the Regulatory Committee); and
(b) inform him of his right to refer the matter to the Regulatory Committee.