Article (13) Canceling, Restricting or Changing a Licence

13.1	The Central Bank, through a decision of its Board, may at any time cancel, restrict, change or withdraw any imposed terms, after receiving the comments of the concerned financial establishment with regard to the reasons for cancellation, restriction, alteration, withdrawal or imposition.
13.2	The granted licence of the representative office may be canceled due to a request by the licensed financial establishment, after fulfilling the conditions specified by the Central Bank for this purpose.
13.3	The Central Bank, through a decision by its Board, may cancel a licence in the following cases:
	a)	If the Central Bank finds any violation in any of the continuous obligations mentioned in Article (9) above, or in any of the terms of the licence.
	b)	If the licensed financial establishment violates the provision of this resolution, or the provisions of Union Law No. (10) of 1980, or any other instructions or circulars issued by the Central Bank; or if the licence terms are not met or are found difficult to be met.
	c)	If the Central Bank is provided with false, misleading or inaccurate information by or on behalf of the licensed financial establishment.
	d)	If a bankruptcy order or a sentence to declare bankruptcy against the licensed financial establishment is issued; or if the interest of its current or potential clients is liable to risk.
	e)	If an order of liquidation is issued by the concerned judicial authority in the country of origin against the licensed financial establishment or any of its principal owners; or if a court receiver, supervisor or any other similar officer is appointed on its business in that country.
	f)	If the representative office does not commence to operate its business within one year of date of issuance of licence, unless such period is extended through a decision by the Board of Directors.
	g)	If the representative office suspends its operations for 3 consecutive months.
	h)	If the relevant authority or concerned local authorities withdraw the licences granted by these authorities to the licensed financial establishment.
13.4	In the event of canceling the licence, it shall be withdrawn through a decision/written request. Such decision shall be published in a circulating daily newspaper, and necessary action shall be taken to enforce the decision.