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Article (70) Imposing Conditions and Restrictions on a License

Fed Law 14/2018 Issued on 1/10/2018

1) The Board of Directors may impose conditions or restrictions, or otherwise change or cancel conditions or restrictions imposed on a license for carrying on Licensed Financial Activities.

2) The Board of Directors may, before issuing the decision mentioned in item (1) of this article, request the concerned financial institution to provide its opinion on the reasons for the decision, within such period as specified.

3) The licensed financial institution shall be notified, officially, of the reasoned decision within a period not exceeding twenty (20) working days from date of its issue. The notice shall include the following:

  • a. Content of the decision.
  • b. Reasons for the decision.
  • c. Effective date of the decision.
  • d. A statement advising the licensed financial institution of its right to submit a grievance against the decision, by applying to the Grievances & Appeals Committee, in accordance with the provisions of this decretal law.