The Commissioner may give a registered entity a warning notice if:

               (a)     the entity is a federally regulated entity and the Commissioner reasonably believes that the entity has contravened a provision of this Act, or that it is more likely than not that the entity will contravene a provision of this Act; or

              (b)     the entity is a federally regulated entity and the Commissioner reasonably believes that the entity has not complied with a governance standard, or that it is more likely than not that the entity will not comply with a governance standard; or

               (c)     the Commissioner reasonably believes that the entity has not complied with an external conduct standard, or that it is more likely than not that the entity will not comply with an external conduct standard.

The notice may inform the registered entity of the circumstances in relation to the contravention or non-compliance and outline actions that could be taken under this Act in response to the contravention or non-compliance.