S.L. 370.30 Art. 14Withdrawal of an investment firm’s authorisation. Cap. 386. Cap. 370.

(1) Where the Court decides upon the opening of winding-

up proceedings either in the absence of reorganisation measures or in terms of article 329B(12) of the Companies Act following the failure of reorganisation measures, the authorisation of the investment firm shall be withdrawn by the competent authority in terms of the provisions of article 7 of the Act.

(2) The withdrawal of authorisation provided for in this regulation shall not prevent the person or persons entrusted with the winding-up from carrying on some of the investment firm’s activities insofar as that is necessary or appropriate for the purposes of winding-up: Provided that, such activities shall be carried under the supervision of the competent authority.