S.L. 441.7 Art. 55Cancellation of licence. Cap. 373. S.L. 373. 01.

(1)A licence may be cancelled under this Part by the Trade

Licensing Unit:

(a) where it becomes aware of proof of dissolution of the business operation in respect of which the licence was issued; or

(b) at the request of the person on whom the licence was issued 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 business operation in question.

(3) Without prejudice to sub-regulation (1), a licence to carry out the business of a dealer in precious metals and stones may be suspended or cancelled by the Trade Licensing Unit:

(a) when the commercial activity 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 commercial activity no longer fulfils the conditions for the granting of a licence including the eligibility criteria envisaged under regulation 50; or

(c) if in the opinion of the Trade Licensing Unit, the manner in which the commercial activity is conducted, is in breach of any legal obligations; or

(d) where the Trade Licensing Unit is informed by the Financial Intelligence Analysis Unit that a licensed dealer in precious metals or stones has seriously, repeatedly or systematically failed to satisfy its obligations under the Prevention of Money Laundering Act or the Prevention of

Money Laundering and Funding of Terrorism

Regulations; or

(e) if any director, partner, company secretary, or beneficial owner of a licensed dealer in precious metals and stones has been found guilty of irregularity or misconduct.

(4) In the event that a licence is suspended or cancelled, no refund of fees will be affected by Trade Licensing Unit.

(5) The Trade Licensing Unit, may lift a suspension subject to the:

(a) the removal of any director, manager, or partner; or

(b) provision of proof of compliance with any obligation or restriction imposed.

(6) A dealer in precious metals or stones which has his licence suspended or cancelled shall cease to act in that capacity from the date on which the suspension or cancellation takes effect: Provided that the suspension shall cease to have effect from the date when the Trade Licensing Unit notifies the dealer in writing that it is satisfied that the dealer has abided with the obligations or restrictions imposed.

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