Cap. 647 Art. 14Notice of proposed refusal, variation, orwithdrawalofan authorisation.

(1) Where the competent authority proposes to:

(a) refuse an application for authorisation submitted to the competent authority in accordance with the provisions of Article 21 of the MiCA Regulation and article 11, or to withdraw the authorisation granted to an issuer of an asset-referenced token under the said provisions; or

(b) vary any condition to which an authorisation granted under Article 21 of the MiCA Regulation and article 11 is subject, or impose a condition thereon, it shall give the applicant or the issuer of an asset-referenced token, 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 such notice may, within a reasonable period after the service thereof as may be stated in the notice, make representations in writing to the competent authority in which he gives the reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before reaching a final decision.

(3) Subject to the provisions of Article 21 of the MiCA Regulation and article 11, 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).