S.L. 370.9 · Investor Compensation Scheme (S.L. 370.9)
S.L. 370.9 Art. 28Failure to comply with obligations.
(1) Where a licence holder fails to comply with its obligations under these regulations, the Management Committee shall notify and consult with the competent authority and shall agree on the appropriate measures to be taken by the competent authority, including the imposition of penalties, to ensure that the licence holder complies with such obligations.
(2) If these measures fail to secure compliance on the part of the licence holder, the Management Committee shall report the matter to the competent authority for any further measure to be taken at law, including the possible restriction or withdrawal of the licence holderis licence.
(3) After the restriction or withdrawal of a licence, cover shall continue to be provided in respect of licensed business up to the date of restriction or withdrawal of the licence.