• EN-9 EN-9 Cancellation of license

    • EN-9.1 EN-9.1 Legal source

      • EN-9.1.1

        Article 66 of the BMA Decree — Law No. 23 of 1973 ("BMA Law") empowers the Agency to cancel a license under certain circumstances. These include cases where a licensee has:

        (a) contravened the conditions of its license;
        (b) repeatedly violated the provisions of the BMA Law; or
        (c) failed to follow BMA regulations regarding the merger or other major restructurings of its operations.

      • EN-9.1.2

        Article 66 of the BMA Law also requires the Agency to give the licensee concerned reasonable time to object to any proposed cancellation of its license.

    • 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).

    • EN-9.3 EN-9.3 Procedure for cancellation of license

      • EN-9.3.1

        All proposals for canceling a license are subject to a thorough review by the Agency of all relevant facts, assessed against the criteria outlined in section EN-9.2. After being assessed at Executive Director level, proposals are submitted to H.E. the Governor for approval.

      • EN-9.3.2

        Once approved within the BMA, a formal notice of cancellation is issued to the licensee concerned. The notice of cancellation will describe the factual circumstances of the contraventions concerned, and the Agency's rationale for the proposed cancellation, as measured against the criteria outlined in section EN-9.2.

      • EN-9.3.3

        The licensee has 30 calendar days from the date of the notice in which to lodge an appeal. The appeal should be addressed to the Board of the BMA, and copied to H.E. the Governor of the BMA.

      • EN-9.3.4

        If an appeal is lodged, the Board of the BMA will make a final ruling within 60 calendar days of its date of issuance.