1) The Board of Directors may suspend, withdraw, or revoke a license issued to a Licensed Financial Institution, in the following cases:

• a. If the Licensed Financial Institution ceased to meet, or breached one or more of the conditions or restrictions imposed on the license.
• b. If the Licensed Financial Institution breached any of the State’s established laws and regulations, or the regulations, rules, standards, instructions, and guidelines issued by the Central Bank.
• c. If the Licensed Financial Institution failed to take any measures or actions determined or prescribed by the Central Bank.
• d. If the Licensed Financial Institution ceased to carry on one or more of the Licensed Financial Activities, for a period exceeding one year.
• e. If the business or operations were ceased for a period exceeding one year.
• f. If the Central Bank considered, at its own discretion, that the full or partial withdrawal, revocation, or suspension of the license, was necessary for achieving its objectives and discharging its functions.
• g. If the concerned Licensed Financial Institution submitted an application for full or partial suspension or revocation of the license.
• h. If the Licensed Financial Institution’s liquidity or solvency was at risk.
• i. If the capital of the Licensed Financial Institution fell below the minimum required in accordance with the provisions of this decretal law, or the regulations, rules, or standards issued by the Central Bank.
• j. If the Licensed Financial Institution merged with another financial institution.
• k. If the Licensed Financial Institution was declared bankrupt.

l. If the Licensed Financial Institution’s officers, employees, or representatives refused to cooperate with Central Bank officers, representatives, or examiners or abstained from providing required information, statements, documents, or records.

m. If the license of a foreign Licensed Financial Institution was revoked, or if it was put under liquidation at its domicile, or if the businesses of its branch, companies or Representative Offices in the State were wound down.

2) The Licensed Financial Institution shall be notified, officially, of the reasoned withdrawal, cancellation or suspension 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.

3) The decision issued by the Central Bank shall, following decision on the grievance or appeal, if presented to the Grievances & Appeals Committee, or expiry of the period specified in item (2) of this article, be published in two local newspapers, one in Arabic and another in English, and on the Central Bank’s official website. Such decision may also be announced by any other means if necessary