(1) Upon receiving such an application, the Regulator must:
(a) reconsider the decision; and
(b) affirm, vary or revoke the decision.
(2) The Regulator's decision on reconsideration of a decision has effect as if it had been made under the provision under which the original decision was made.
(3) The Regulator must give to the applicant a written notice stating the Regulator's decision on the reconsideration.
(4) Within 28 days after making the decision on the reconsideration, the Regulator must give the applicant a written statement of the Regulator's reasons for the decision.