Cap. 647 Art. 31Notice 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 Article 62 of the MiCA Regulation and article 28 or to withdraw the authorisation granted to a crypto-asset service provider under Article 63 of the MiCA Regulation and article 28; or

(b) vary any condition to which an authorisation granted under Article 63 of the MiCA Regulation and article 28 is subject to or to 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 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 63 of the MiCA Regulation and article 28, 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).