Cap. 637 чл. 18Powers of the competent authority. 

(1) Without prejudice to any other powers conferred to it by this Act or any other law, the competent authority shall have the following powers:

(a) to suspend a crowdfunding offer for a maximum of ten (10) consecutive working days on any single occasion where there are reasonable grounds for suspecting that any of the provisions of the ECSP Regulation, this Act and any regulations or Rules issued thereunder have been infringed;

(b) to prohibit or suspend marketing communications, or to require a crowdfunding service provider or a third party designated to perform functions in relation to the provision of crowdfunding services to cease or suspend marketing communications, for a maximum of ten

(10) consecutive working days on any single occasion where there are reasonable grounds for believing that any of the provisions of the ECSP Regulation, this Act and any regulations or Rules issued thereunder have been infringed;

(c) to prohibit a crowdfunding offer where the competent authority finds that any of the provisions of the ECSP Regulation, this Act or any regulations made or Rules issued thereunder have been infringed or where there are reasonable grounds for suspecting that they would be infringed;

(d) to suspend, or to require a crowdfunding service provider to suspend, the provision of crowdfunding services for a maximum of ten (10) consecutive working days on any single occasion where there are reasonable grounds for believing that any of the provisions of the ECSP Regulation, this Act and any regulations or Rules issued thereunder have been infringed;

(e) to prohibit the provision of crowdfunding services where the competent authority finds that any of the provisions of the ECSP Regulation, this Act and any regulations or Rules issued thereunder have been infringed;

(f) to make public the fact that a crowdfunding service provider or a third party designated to perform functions in relation to the provision of crowdfunding services is failing to comply with its obligations;

(g) to disclose, or to require a crowdfunding service provider or a third party designated to perform functions in relation to the provision of crowdfunding services to disclose, all material information which may have an effect on the provision of the crowdfunding service in order to ensure investor protection or the smooth operation of the market;

(h) to suspend, or to require a crowdfunding service provider or a third party designated to perform functions in relation to the provision of crowdfunding services to suspend, the provision of crowdfunding services where the competent authority considers that the crowdfunding service provider’s situation is such that the provision of the crowdfunding service would be detrimental to investors’ interests;

(i) to transfer existing contracts to another crowdfunding service provider in cases where a crowdfunding service provider’s authorisation is withdrawn in accordance with article 9(1)(c), subject to the agreement of the clients and the receiving crowdfunding service provider:

Provided that the crowdfunding service provider to which the existing contracts are transferred in accordance with this paragraph shall be authorised by the competent authority to provide crowdfunding services; and, or

(j) to make an application to the court for the dissolution and winding up by the court of a crowdfunding service provider where it appears to the competent authority that a crowdfunding service provider should be dissolved and wound up by the court for the reason set out in article

214(2)(b)(iii) of the Companies Act, and where the court accedes to the application the relevant provisions of the Companies Act in relation to the dissolution and winding up by the court and any other applicable provisions of any other law shall apply.

(2) Any measures adopted in exercise of the powers of the competent authority under this article shall be proportionate, duly justified and taken in accordance with article 24.