Investment Services Act (Cap. 370), article 8

8. (1) Where the competent authority proposes - (a) to vary any condition to which the licence is subject or to impose a condi tion 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 cus todian of a collective investm ent scheme, or their equivalent, notice in writing of its intention to do 20 CAP. 370.] INVESTMENT SERVICES so, setting out the reasons for t he decision it proposes to tak e. (2) Every notice given under su b-article (1) shall state that t he recipient of the notice may, within such reasonable period afte r the service thereof as may be stat ed in the notice (being a period of not less than forty-eight hours and not longer than thirty days), m ake representations in writing to the competent authority giving re asons why the proposed decision should not be taken, and the competen t authority shall consider any representation so made before arri ving 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 not ice is to be given under sub-article (1). Application of CRR to certain investment firms. Added by: LXXII.2021.3. Amended by: XXV .2023.41.