Cap. 514 чл. 11Notification of proposed refusal, variation, cancellation or suspension of a licence.

(1) Where the competent authority proposes -

(a) to vary any condition to which a licence is subject or to impose a condition thereon; or

(b) to refuse an application for a licence or to cancel or to suspend a licence, it shall give the applicant or, as the case may be, to the licence holder, or in the case of a retirement scheme to the Retirement Scheme Administrator, or in the case of a retirement fund to any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund, as the case may be, a notice in writing of its intention to do so, such notice setting out detailed reasons for its proposed action.

(2) Every notice given under sub-article (1) shall state that the recipient of the notice may, within such reasonable period after the service thereof as may be stated in the notice (being a period of not less than forty-eight hours and not longer than thirty days), make representations in writing to the competent authority giving reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before arriving at a final decision.

(3) The competent authority shall notify its final decision in writing to any of the persons to whom notice is to be given under sub-article (1).

(4) The competent authority shall notify EIOPA of any restriction, suspension or cancellation of a licence of an occupational retirement scheme under article 10.