Article (11): Authority Over Licensees and Registrees
2/2024 Issued on 14/6/2024
1.
The Central Bank may take all measures and actions it deems appropriate in relation to a Licensee or Registree for achieving its objectives and discharging its functions, and may particularly take one or more of the following actions, if a material violation to the provisions of this Regulation has occurred:
a)
The Central Bank may require the concerned Licensee or Registree to take necessary actions to rectify the situation immediately;
b)
The Central Bank may appoint a specialized expert, or a Central Bank employee, to advise or guide the concerned Licensee or Registree or oversee some of its operations, for a period specified by the Central Bank. The concerned Licensee or Registree shall pay remuneration for such appointee if he is an expert from outside the Central Bank;
c)
The Central Bank may appoint a manager where the Central Bank is of the view that the management of a Licensee cannot be relied upon to take appropriate steps to rectify a situation. The main objectives of appointing a manager to take control of the management of a Licensee are:
(i)
to provide for the control of the affairs, business and property of a Licensee until such time as the Central Bank is satisfied that its concerns in relation to that Licensee have been addressed; or
(ii)
to safeguard the assets and maintain the business of the Licensee until a liquidator can be appointed;
d)
The Central Bank may take any other action or measure, or impose any penalties it deems appropriate, in relation to a Licensee or Registree.
2.
Where the Central Bank provides a Non-Objection Registration to a Virtual Assets Exchange Platform Operator, the Central Bank will coordinate with the relevant Local Licensing Authorities before and when taking any measures or actions under Article (11)1.