Cap. 376 Art. 7Notification of any variation, restriction, suspension or withdrawal of a licence or registration.

(1)Where the competent authority proposes:

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

(b) to withdraw, suspend or restrict, a licence or registration or to vary any restriction thereon, it shall serve written notice of its intention on the financial institution and shall specify the grounds upon which the competent authority intends to take such action.

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

(3) Unless the competent authority considers that the matter is urgent, it shall not impose or vary any restriction or condition, or withdraw or suspend a licence or a registration before the expiry of the period as set out in sub-article (2).

(4) The competent authority shall, as soon as practicable, notify its final decision in writing to any financial institutions to whom notice has been served under sub-article (1).