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Article (9) License Amendment, Cancellation or Restriction

C 112/2018 Effective from 24/4/2018
  1. 9.1 The Central Bank may, at any time, through a decision by its board, cancel, change, restrict, impose or withdraw any condition imposed on a License. The Finance Company shall have the right to comment with regard to the reasons for such cancellation, alteration, restriction, imposition or withdrawal. The Central Bank shall not be obliged to but may consider such comments at its sole discretion.
     
  2. 9.2 The Central Bank may, through a decision by its board, revoke or withdraw a License of a Finance Company in the following cases:
    1. If the Finance Company violates any provision of this Regulation, or the provisions of the Central Bank Law, or any other applicable laws, regulations, decisions, instructions, directives, circulars or correspondence issued by the Central Bank, including regulations regarding anti-money laundering / combating the financing of terrorism requirements; or if the License requirements are not met or cannot be met;
       
    2. If the Central Bank is provided with false, misleading or inaccurate information by the Finance Company or by those acting on its behalf, including its managers, supervisors or auditors;
       
    3. If the interests of the current or potential customers of the Finance Company are at risk, whether due to the manner in which the Finance Company conducts its business or intends to conduct its business, or for any other significant reason;
       
    4. If an order to liquidate the business of the Finance Company or of its Parent is issued by any competent judicial authority;
       
    5. If a court receiver, or any other similar officer is appointed to oversee the business of the Finance Company;
       
    6. If a bankruptcy order against the Finance Company is issued;
       
    7. If the Finance Company has not commenced operations within twelve months from the date of notification of approval of the License;
       
    8. If the Finance Company ceases to operate for a period of twelve consecutive months;
       
    9. If the Central Bank determines that the Finance Company is unable to repay debts that are due, or that asset values are less than its liabilities, after taking into consideration current and future claims;
       
    10. If the concerned local authorities have withdrawn any licenses granted by them to the Finance Company;
       
    11. If the Finance Company conducts any business activity from premises other than those approved by the Central Bank;
       
    12. If the Senior Management of the Finance Company is not deemed Fit and Proper; and
       
    13. In any additional case determined by the Central Bank at its sole discretion.
       
  3. 9.3 A Finance Company wishing to cease or suspend any of its licensed activities must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.
     
  4. 9.4 Any Finance Company that fails to comply with the applicable anti-money laundering / combating the financing of terrorism laws and regulations and any other resolutions or instructions issued by the Central Bank in this regard, will be penalized in accordance with the prevailing laws and regulations.
     
  5. 9.5 In case a Finance Company is not compliant with any of the provisions of this Regulation, the Central Bank shall have the sole authority to consider imposing fines, penalties or any such action on the Finance Company at the sole discretion of the Central Bank.