Cap. 637 Art. 10Notification of proposed refusal, variation, or withdrawal of an authorisation.

(1) Where the competent authority proposes to:

(a) refuse an application for authorisation as a crowdfunding service provider or to withdraw the authorisation of a crowdfunding service provider; or

(b) vary any condition to which the licence is subject or to impose a condition thereon, it shall give the prospective crowdfunding service provider or the crowdfunding service provider, as applicable, notice in writing of its intention to do so, while setting out the reasons for the decision it proposes to take.

(2) Every notice given under sub-article (1) shall state that the recipient of the notice may, within such reasonable period after the service thereof as may be stated in the notice, make representations in writing to the competent authority giving reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before arriving at a final decision.

(3) Subject to the provisions of article 6, the competent authority shall as soon as practicable notify its final decision in writing to any of the persons to whom notice is to be given under sub-article (1).