Cap. 590 чл. 21Power of competent authority to cancel or suspend licences.

(1) The competent authority may at any time cancel or suspend a licence in accordance with the provisions of this Act.

(2) Without prejudice to the generality of sub-article (1), the competent authority may cancel or suspend a licence -

(a) if it considers that the holder thereof is not a fit and proper person to provide the VFA service he is authorised to provide; or

(b) if it considers that the holder thereof does not fulfil the requirements of, or has contravened, any of the provisions of this Act or of any regulations made or rules issued thereunder, or has failed to satisfy or comply with any obligation or condition to which he or the licence is subject by virtue of or under this Act; or

(c) if the competent authority has been furnished by or on behalf of the licence holder with information which is false, inaccurate or misleading, or if the licence holder has obtained the licence by making false statements or by any other irregular means; or

(d) if the licence holder has not commenced to provide the VFA service he has been authorised to provide within twelve months from the date of issue of the licence or has ceased to provide such VFA service; or

(e) if it considers it desirable to cancel or suspend the licence for the protection of investors and the general public, and the reputation of Malta taking into account Malta’s international commitments; or

(f) at the request of the licence holder; or

(g) if the licence holder is declared bankrupt or goes into liquidation or makes a composition with its creditors or is otherwise dissolved; or

(h) if the licence holder has ceased to operate as a result of a merger with another licence holder; or

(i) in any of the circumstances under which the competent authority would have been precluded from issuing the licence under this Act or where under this Act it would have been entitled to refuse the grant of such licence; or

(j) after proper communication and investigation, at the written request of another competent regulatory authority which is carrying regulatory functions in relation to the relevant licence holder.

(3) The competent authority, where so required, shall notify the appropriate ESA and any other competent regulatory authority which is carrying out regulatory functions in relation to the relevant licence holder of any cancellation of a licence in terms of sub-article (1).