S.L. 376.11 Art. 10Withdrawal of admission of credit intermediaries and imposition of restrictions.    Cap. 330.

(1) The competent authority may withdraw the admission granted to a credit intermediary in accordance with regulation 5 where such a credit intermediary:

(a) has expressly renounced the admission;

(b) has not carried out credit intermediation activities for the preceding six (6) months;

(c) is a legal person and has ceased to operate as a result of a merger with another credit intermediary;

(d) has obtained the admission through false or misleading statements or any other irregular means;

(e) no longer fulfils the conditions and, or requirements under which admission was granted;

(f) has seriously or systematically infringed the provisions of the Acts, these regulations, the CCD Regulations, any applicable regulations, or any Credit Intermediaries Rules issued thereunder;

(g) if any document or information accompanying an application for an admission or any information given in connection therewith is false in any material particular;

(h) conceals from, or fails to notify the competent authority of, any document, information or any change therein which it was duty bound to disclose or notify under any of the regulations or rules referred to in paragraph (f);

(i) is a legal person and is declared bankrupt or goes into liquidation or is otherwise dissolved; or

(j) has insufficient assets to cover its liabilities.

(2) The competent authority shall, without undue delay, delete from the register referred to in regulation 7 any credit intermediary whose admission has been withdrawn in accordance with this regulation.

(3) Without prejudice to any power of the competent authority under any law, the competent authority may also impose restrictions on an admission granted in terms of these regulations, as it shall consider appropriate for the proper compliance by credit intermediaries with the provisions of these regulations, the Acts, the CCD Regulations, any Credit Intermediaries Rules issued thereunder or any applicable regulations and, or with the conditions, if any, of its admission. Such restrictions may include:

(a) the removal of any officer of the credit intermediary or the replacement of any officer by such person as the competent authority may designate;

(b) the requirement for the credit intermediary to take or refrain from any action; or

(c) the requirement that the credit intermediary be prohibited from undertaking any transaction or any class of business, or be permitted to undertake any transaction or any class of business only upon such terms as the competent authority may decide:

Provided that the competent authority shall have the power to vary or remove any restrictions imposed under this regulation.

(4) Where the competent authority intends to restrict or withdraw an admission or to vary any restriction, it shall serve written notice of its intention on the credit intermediary. Such notice shall specify the grounds upon which the competent authority intends to take action and shall specify a period within which the credit intermediary shall be entitled to make representations to the competent authority as to the reason why such action should not be taken. Unless the competent authority decides that the matter is urgent, it shall not impose or vary any restriction or withdraw an admission before the expiry of such period.

(5) Without prejudice to any provisions on the publication of administrative measures and administrative penalties in the Malta

Financial Services Authority Act, where the competent authority is satisfied that the circumstances so warrant, it shall at any time make public any action it has taken under this regulation.