1. The Licensed Person shall, in the event of requesting temporary suspension or cancellation, submit a written request to the Authority, stating the reasons for such request and any other requirements prescribed by the Authority. The period of temporary suspension shall not exceed twelve (12) months, unless the Authority, at its discretion, decides to extend such period based on a request from the Licensed Person. 2. The license, approval, or registration shall be deemed cancelled if the Licensed Person does not exercise its financial activities upon the expiration of the temporary suspension period approved by the Authority. 3. Following temporary suspension or cancellation, the Authority shall have the right to require the Licensed Person to settle and conclude all transactions entered into prior to the suspension or cancellation of the license, approval, or registration, and to maintain the collateral in accordance with its decisions. 4. Following suspension or cancellation, the Authority may designate an entity to assume the functions of the Licensed Person whose license, approval, or registration has been suspended or cancelled, according to the nature of the activity and under conditions and requirements deemed appropriate by the Authority.
Interpretation and application must be checked against the official text and current version.