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Article (86): Imposing Conditions and Restrictions to an Authorization to Undertake Designated Functions

Fed Law 14/2018 Issued on 1/10/2018

1) The Central Bank may decide to add conditions or restrictions to an authorization to undertake Designated Functions.

2) Before issuing the decision referred to in item (1) of this article, the Central Bank may request the concerned Licensed Financial Institution to provide its comments on the reasons for the decision, within such period as it specifies.

3) The Licensed Financial Institution shall be notified, officially, of the decision within a period not exceeding twenty (20) working days from date of its issue. Such notice shall include the following:

  1. a. Content of the decision.
  2. b. Reasons for the decision.
  3. c. Effective date of the decision.
  4. d. A statement advising the Licensed Financial Institution of its right to submit a grievance against the decision, by applying to the Grievances and Appeals Committee, in accordance with the provisions of this Decretal Law.