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3.6 Revocation or Suspension of License

N 35/2018 STA
  1. 3.6.1The Board of Directors of the Central Bank reserves the right to suspend or revoke a license issued to a Licensed Person by issuing a written notice in the following cases:
    1. a)If the Licensed Person ceased to comply with or has breached one or more of the conditions or restrictions imposed on its license;
    2. b)If the Licensed Person has breached applicable Laws, Rules, Regulations, the Standards or any Notice issued by the Central Bank;
    3. c)If the Licensed Person has failed to take any measures or procedures determined or prescribed by the Central Bank;
    4. d)If the Licensed Person did not commence its Exchange Business within six (6) months from the issue date of license;
    5. e)If the business or operations were ceased for a consecutive period exceeding three (3) months;
    6. f)If the Central Bank considers, at its own discretion, that the full or partial withdrawal, revocation or suspension of the license, was necessary for achieving its objectives and in discharging its functions;
    7. g)If the Licensed Person has submitted an application for full or partial withdrawal, cancelation or suspension of the license;
    8. h)If the Licensed Person’s liquidity or solvency is at risk or the Licensed Person becomes bankrupt;
    9. i)If the paid-up capital of the Licensed Person falls below the minimum amount required in accordance with the Regulations/the Standards issued by the Central Bank;
    10. j)If the Licensed Person has merged with another Licensed Person or institution without obtaining a Letter of No Objection from the Central Bank; and
    11. k)If the Licensed Person’s officers, employees or representatives refused to cooperate with Central Bank officers, Representatives, Examiners or abstained from providing unhindered access to information, statements, documents or records.
  2. 3.6.2The Central Bank shall notify the Licensed Person, with reasons in writing, about its decision to withdraw, cancel, suspend or revoke the license within a period of not exceeding twenty (20) working days from date of issuance of the Board of Director’s decision. The notice shall include the following at a minimum:
    1. a)Content of the decision;
    2. b)Reasons for the decision, if any; and
    3. c)Effective date of the decision.