Cap. 370 Art. 8Notification of proposed refusal, variation, cancellation or suspension of a licence.

(1) Where the competent authority proposes -

(a) to vary any condition to which the licence is subject or to impose a condition thereon; or

(b) to refuse an application for a licence or to cancel or suspend a licence, it shall give the applicant or, as the case may be, the licence holder or the manager and trustee or custodian of a collective investment scheme, or their equivalent, notice in writing of its intention to do so, setting out the reasons for the decision it proposes to take.

(2) Every notice given under sub-article (1) shall state that the recipient of the notice may, within such reasonable period after the service thereof as may be stated in the notice (being a period of not less than forty-eight hours and not longer than thirty days), make representations in writing to the competent authority giving reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before arriving at a final decision.

(3) The competent authority shall as soon as practicable notify its final decision in writing to any of the persons to whom notice is to be given under sub-article (1).