Cap. 345 Art. 27Revocation of an authorisation.

(1) An authorisation may be revoked by an order issued in writing by the competent authority at the request, or with the consent, of the central securities depository or otherwise as provided in this Act.

(2) An authorisation may be revoked by an order issued in writing without the consent of a central securities depository, if it appears to the competent authority that the central securities depository:

(a) is failing, or has failed, to satisfy the requirements for authorisation under the CSDR or under this Act, regulations or Financial Market Rules made hereunder; or

(b) is failing or has failed, to comply with any other obligation imposed on it by or under the CSDR or this Act, regulations or Financial Market Rules made hereunder or has seriously or systematically infringed the requirements laid down in the CSDR or, where applicable, in MiFID or MiFIR; or

(c) does not make use of the authorisation during twelve months, expressly renounces the authorisation or has provided no services or performed no activity during the preceding six months; or

(d) has obtained the authorisation by making false statements or by any other unlawful means; or

(e) no longer meets the conditions under which authorisation was granted and has not taken remedial actions requested by the competent authority within a set time frame.

(3) An order under sub-articles (1) and (2) revoking an authorisation hereinafter referred to as a "revocation order" shall specify the date on which it is to take effect.

(4) A revocation order may contain such transitional provisions and other terms and conditions as the competent authority may consider necessary or expedient.

(5) (Deleted by Act XXXI. 2017.30.).

27A (Deleted by: XLVI.2021.39).

28. (Deleted by Act XXXI. 2017.32.)