Article (48) Amendment and Revocation of Licence
(a) The Central Bank may, upon a request by a Licencee, amend the conditions of a licence in any of the following cases:
1. Adding a Regulated Service to other licensed services.
2. Amending or canceling of one or more of the terms and conditions of the licence under Article 45 (b) of this law.
3. Removing a licensed Regulated Service from those for which a person is licensed
(b) The Central Bank may not amend the licence conditions in accordance with the provisions of (2) and (3) above unless it is satisfied that the Licencee is able to meet the obligations imposed on him under the amended terms of the licence.
(c) The Central Bank may amend or revoke a licence under paragraph (a) above in any of the following cases:
1. If the Licencee fails to satisfy any of the license conditions.
2. If the licencee violates the terms of this law or the regulations or any of the license rules.
3. If the Licencee fails to start business within six months from the date of the licence.
4. If the Licencee ceases to carry out the licensed activity in the Kingdom.
5. If the legitimate interests of the customers or creditors of a licencee required such amendment or cancellation.
(d) The Central Bank shall, prior to the cancellation or amendment of a licence according to the provisions of the preceding paragraph, notify the Licencee in writing stating the reasons for such cancellation or amendment, date of validity and the deadline for appealing which shall not be less than thirty days from the date of notification.
(e) The Central Bank shall decide on any appeal made in accordance with the previous paragraph and notify the appellant of the decision taken in that respect within sixty days from the date on which the appeal was made.
(f) The decision to cancel or amend a licence takes immediate effect from the date stated in the notice.
(g) The Central Bank may, in exceptional cases that require no delay, cancel or amend a licence without following the procedures set forth in paragraph (d) of this Article. This shall not affect the right of the Licencee to appeal within thirty days of notification of such decision. The Central Bank shall decide on the appeal and notify the appellant of its decision within sixty days of submission.
(h) An appeal against a decision to cancel or amend a licence may be made to a competent court within sixty days from the date of notifying the Licencee of such decision, or upon the expiry of the period specified in the preceding paragraph, for a decision on the appeal, without receiving a notification.