(1) Either regulator may rescind or vary a requirement imposed in exercise of its power of intervention on its own initiative or on the application of the person subject to the requirement.
(2) The power of either regulator on its own initiative to rescind a requirement is exercisable by written notice given by the regulator to the person concerned, which takes effect on the date specified in the notice.
(3) Section 197 applies to the exercise of the power of the regulator on its own initiative to vary a requirement as it applies to the imposition of a requirement.
(4) If the regulator proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.
(5) If either regulator decides to refuse an application for the variation or rescission of a requirement -
(a) the regulator must give the applicant a decision notice; and
(b) that person may refer the matter to the Tribunal.