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  • EN-9.2 EN-9.2 BMA policy

    • EN-9.2.1

      The Agency generally views canceling a license as appropriate only in extreme circumstances, when faced with the gravest of contraventions or when left with no other reasonable means of successfully addressing the regulatory failings in question.

    • EN-9.2.2

      The criteria used by the Agency in assessing whether to seek cancellation of a license include:

      (a) the extent to which the interests of the market, its users and those who have a claim on the licensee would be best served by the cancellation of the license;
      (b) the extent to which other regulatory penalties could reasonably be expected to achieve the Agency's desired supervisory objectives;
      (c) the extent to which the licensee has contravened the conditions of its license and/or the BMA Law, including the seriousness, duration and/or frequency of the contravention(s) concerned, and the extent to which the contraventions reflect more widespread or systemic weaknesses in controls and/or management;
      (d) the extent to which the licensee has been involved in financial crime or other criminal conduct; and
      (e) the licensee's past compliance record and conduct following the contravention(s).