S.L. 405.1 Art. 10Removal of a security approved regulated agent from the list.

(1) If at any time it appears to the Minister that -

(a) a security approved regulated agent no longer carries on a relevant regulated business;

(b) a security approved regulated agent is no longer able or has failed to comply with any direction given to the regulated agent under articles 22(2)(a) or 23 of the Act;

(c) five years have elapsed from the date of the regulated agent first being placed on the list of security approved regulated agents, or from the last five yearly anniversary of that date, or from the last occasion of the regulated agent being placed on the list that date, or from the last occasion of the regulated agent being placed on the list (whichever is the later), and he has not applied at least forty-two days previously to remain on the list;

(d) in providing any information required pursuant to regulation 5, a regulated agent has made a statement which is false in a material particular;

(e) a security approved regulated agent is in breach of regulation 9; or

(f) there is any other good reason for the security approved regulated agent to be removed from the list, the Minister may remove that regulated agent from the list of security approved regulated agents.

(2) In a case where the Minister decides to remove a security approved regulated agent from the list of security approved regulated agents he shall forthwith give notice to that agent of that removal and of the reason for it and the agent may, in accordance with subregulations (3) and (4), appeal to the Minister against that decision.

(3) An appeal to the Minister shall be made by notice signed by or on behalf of the regulated agent given to the Minister and stating the grounds on which the appeal is based and the arguments on which the agent relies.

(4) Notice of appeal shall be given within twenty-eight days from the date of the notice referred to in subregulation (2).

(5) The Minister shall give notice to the regulated agent of his decision to maintain the removal of that agent from that list and the notice shall include the reason for that decision.

(6) Any regulated agent whom the Minister decides to remove from the list of security approved regulated agents for a reason within subregulation (1), other than paragraph (c) of that subregulation, may not re-apply for inclusion in that list until after the expiry of the period of twelve months starting from the date of the Minister’s notice under subregulation (2) or (5), whichever is the later.

(7) (a) The Minister shall remove a security approved regulated agent from the list of security approved regulated agents upon being requested to do so by the agent.

(b) Subject to paragraph (c), if a regulated agent is removed from the list of security approved regulated agents pursuant to paragraph (a), the Minister may, on the request of the agent, re-include that regulated agent on the list if he is satisfied that it is appropriate to do so.

(c) The Minister may only re-include a regulated agent on the list of security approved regulated agents under paragraph (b) if he receives a request for such re-inclusion from that regulated agent not less than one month from the date on which that agent was removed from the list.