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Cap. 647 · Markets In Crypto- Assets Act (Cap. 647)

Cap. 647 Art. 47Notice of administrative penalties and other administrative measures.

PART VII

In forceOfficial text

(1) Where the competent authority proposes to impose an administrative penalty or any other administrative measure on any person in accordance with article 46, it shall give a notice in writing of its intention to do so, specifying the reasons for the decision it proposes to take.

(2) Every notice given in accordance with sub-article (1) shall specify 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 specifying 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) The competent authority shall as soon as practicable notify its final decision in writing to any person to whom notice is to be given in accordance with sub-article (1).