Cap. 514 Art. 10Power of competent authority to cancel or suspend a licence.

(1) Without prejudice to any other provision of this Act and of any regulations or Pension Rules made thereunder, the competent authority may at any time cancel or suspend a licence in accordance with the provisions of this Act.

(2) In the case of a retirement scheme, the competent authority may cancel or suspend a licence:

(a) if it considers that the retirement scheme or the Retirement Scheme Administrator, as the case may be, is not a fit and proper person to carry out the functions required of it in connection with the retirement scheme; or

(b) if it considers that the retirement scheme or Retirement Scheme Administrator, as the case may be, does not comply with the provisions of this Act or of any regulations made or Pension Rules issued thereunder, or that there has been a contravention of any such provisions, or an obligation or condition to which the retirement scheme is subject by virtue of or under this Act has not been satisfied or complied with; or

(c) if information has been furnished to the competent authority by or on behalf of or in relation to the retirement scheme which is false, inaccurate or was the Retirement Scheme Administrator’s duty to reveal or to notify under this Act and any regulations made thereunder or any Pension Rules; or

(d) if the retirement scheme or the Retirement Scheme Administrator, as the case may be, has not commenced to provide the activities it has been licensed to carry on within the time provided for in the licence or if no such time is specified, within twelve months of its issue, or has ceased to carry on such activities; or

(e) if it considers it desirable to cancel or suspend the licence for the protection of beneficiaries, members, or investors; or

(f) at the request of the retirement scheme or Retirement Scheme Administrator, as the case may be; or

(g) 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 to grant such a licence.

(3) In the case of a retirement fund, the competent authority may cancel or suspend a licence:

(a) if it considers that the retirement fund or any person, by whatever name designated, responsible for the operation, administration and management of the fund, as the case may be, is not a fit and proper person to carry out the functions required of it in connection with the retirement fund;

(b) if it considers that the retirement fund to which the licence refers and, or any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund, as the case may be, does not comply with the provisions of this Act or of any regulations made or Pension Rules issued thereunder, or that there has been a contravention of any such provisions, or an obligation or condition to which the retirement fund is subject by virtue of or under this Act, has not been satisfied or complied with; or

(c) if information has been furnished to the competent authority by or on behalf of or in relation to the retirement fund which is false, inaccurate or misleading; or

(d) if the retirement fund or any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund, as the case may be, has not commenced to provide the activities within the time provided for in the licence or if no such time is specified, within twelve months of its

(f) at the request of the retirement fund or any person responsible for the operation, administration and management of the fund as the case may be; or

(g) 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 to grant such a licence.

(4) In the case of a service provider, the competent authority may cancel or suspend a licence:

(a) if it considers that the service provider is not a fit and proper person to provide any service he is licensed to provide; or

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

(c) if the competent authority has been furnished by or on behalf of the service provider with information which is false, inaccurate or misleading; or

(d) if the service provider has not commenced to provide the service he has been licensed to provide within the time provided for in the licence or if no such time is specified, within twelve months of its issue, or has ceased to provide such service; or

(e) if it considers it desirable to cancel or suspend the licence for the protection of beneficiaries, members or investors; or

(f) at the request of the service provider; or

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

(h) if the service provider thereof has obtained the licence and, or recognition by making false statements or by any other irregular means.