S.L. 345.30 Art. 8Cancellation or suspension of registration.

(1) Without prejudice to article 12D of the Act, the competent authority may cancel or suspend a registration:

(a) if the sponsor is no longer deemed by the competent authority, to be a fit and proper person;

(b) where the sponsor expressly renounces its registration;

(c) if the competent authority considers that the sponsor does not fulfil the requirements of, or has breached any of the provisions of the Act, these regulations and, or Rules issued thereunder, or has failed to satisfy or comply with any obligation or condition to which such sponsor or registration is subject by virtue of the Act, these regulations or any Rules issued thereunder;

(d) if the competent authority has been provided by or on behalf of the sponsor with information which is false, inaccurate or misleading, or if the sponsor has obtained registration by making false statements or by any other irregular means;

(e) if the competent authority considers it necessary to cancel or suspend the registration for the protection of investors, market integrity and the general public, and the reputation of Malta, taking into account the international commitments of Malta;

(f) if the sponsor is declared bankrupt or goes into liquidation or makes an arrangement or composition with its creditors or is otherwise dissolved; or

(g) at the written request of another competent regulatory authority that is carrying out regulatory functions in relation to the sponsor, and following proper communication and investigation conducted by the competent authority in relation thereto.

(2) Where the competent authority intends to cancel or suspend a registration in accordance with article 12D of the Act, it shall give the sponsor a notice in writing of this intention, specifying the reasons for such decision.

(3) A notice given under sub-regulation (2) shall state that, the sponsor may, within such reasonable period of time after receipt of the notice therein, being not less than forty-eight (48) hours and not more than thirty (30) days, make written representations to the competent authority stating the reasons on the basis of which such action should not be taken.

(4) Following the representations in writing made under sub-regulation (2) and (3), the competent authority shall consider any representation made before arriving at a final decision. The competent authority shall, as soon as practicable, notify the sponsor in writing of its final decision.

(5) The cancellation of the registration of a sponsor shall be made public by the competent authority.