S.L. 441.7 Art. 47ECancellation of license.

(1) A license may be cancelled by the Trade

Licensing Unit:

(a) where it becomes aware of proof of dissolution of said credit reference agency; or

(b) at the request of the credit reference agency or at the request of a person authorised to so act on its behalf. Such request shall be made on the appropriate form.

(2) The effective date of cancellation in the case of dissolution shall be the day following the date of dissolution of the credit reference agency.

(3) Without prejudice to sub-regulation (1) a licence to carry out the business as a credit reference agency can be suspended or cancelled by the Trade Licensing Unit on the recommendation of the Bank:

(a) when the credit reference agency does not commence the operation pursuant to the licence within twelve

(12) months of its issue, or has ceased its operations for more than six (6) months; or

(b) when the credit reference agency no longer fulfils the conditions for the granting of a licence; or

(c) if it is considered that, by reason of the manner in which the credit reference agency is conducting its affairs, would constitute a breach of personal data pertaining to data subjects or a breach in operations as stipulated in the CBM Directive No 15; or

(d) if it is considered that, the credit reference agency has failed to satisfy any of its obligations or any of the provisions arising under these regulations, the CBM Directive No 15 or under the provisions of any other law; or

(e) if the board of directors, any of the ultimate shareholders, or any of the administrators have been found guilty of negligence, irregularity or misconduct; or

(f) when the credit reference agency does not abide with the requirements and obligations issued by the Bank, as the supervisory authority, from time to time; or

(g) if the capital and reserves is less than hundred thousand euro (€100,000); or

(h) if the credit reference agency conducts any other business which could give rise to a conflict of interest with the task of the issuance of a credit score;

(i) if the Central Credit Register data is being used for any purpose other than for the issuance of a credit score;

Provided that in the case of suspension or cancellation of the license, no refund of fees will be affected by Trade Licensing Unit.

(5) The Trade Licensing Unit, on the recommendation of the Bank, may:

(a) require the removal of any director, manager, administrator, trustee or principal officer;

(b) impose other restrictions as the Bank, as the supervisory authority, may stipulate form time to time.

(6) A company or legal organisation other than a company which has its licence suspended or cancelled shall cease to act as a licensed credit reference agency from the date on which the suspension or cancellation takes effect:

Provided that the suspension shall cease to take effect when the Bank informs the Trading Licensing Unit that the credit reference agency has abided with the requirements issued by the Bank.

(7) The Trade Licensing Unit and the Bank shall publish a notice of suspension or cancellation of a licence on its website.