S.L. 607.3 Art. 14Revocation or suspension of a licence.

(1) The Authority shall revoke a licence in the following circumstances:

(a) where the licensee breaches any condition or restriction imposed by the Authority in accordance with the provisions of these regulations: Provided that where the Authority has imposed on the licensee a condition or restriction in accordance with regulations 12 or 13, it may only revoke a licence on the expiration of the time period provided in regulation 15(1)(a);

(b) where the licensee is declared bankrupt or makes a composition with its creditors or otherwise ceases to operate; or

(c) where the licensee acts in any manner that severely violates the provisions of these regulations or of any guidelines made and published by the Authority in accordance with these regulations, where these refer to the licensees.

(2) Where the Authority intends to revoke a licence in accordance with this regulation, it shall serve written notice on the licensee and shall specify therein the grounds on which it intends to take such action, and a reasonable time period in which the licensee shall be entitled to make representations to the Authority as to why such action should not be taken: Provided that the Authority may revoke such licence before the expiry of such period, where it considers it reasonably justifiable on an evaluation of the circumstances.