1. The Authority may suspend the Licensed Person with respect to conducting all Financial Activities or a specified Financial Activity for a period not exceeding (12) twelve months, or revoke its license, approval, or registration in any of the following cases: a. Loss of any condition required for licensing, approval, or registration pursuant to this Decree by Law and the Relevant Legislation. b. Failure to pay fees prescribed or refusal to pay fines prescribed in accordance with the rules determined by the Board. c. Refusal to comply with Authority decisions. d. Breach of the financial solvency requirements established by the Authority. e. Deficiency in capital or guarantee as determined in the decisions issued by the Authority, and failure to cover such deficiency within the period specified by the Authority. f. Failure to commence the Financial Activity after issuance of the license within the period determined by the Authority. g. Refusal, delay, or procrastination in providing information requested by the Authority, or providing incorrect, misleading, forged, or falsified information, or concealing any information that leads to deception or misrepresentation. h. Refusal of members of the Board of Directors, Executive Management, or any employee of the Licensed Person to cooperate with the Authority or any of its inspectors. i. Amendment to the Articles of Association or Memorandum of Association without obtaining the approval of the Authority. j. Declaration of bankruptcy or compulsory or voluntary liquidation of the Licensed Person. k. Violation of any obligations specified in this Decree by Law and the Relevant Legislation. l. Any other cases determined by the Authority. 2. The license, approval, or registration shall be revoked if the reason for suspension continues beyond the period specified in Clause (1) of this Article, unless the Authority decides to extend such period in its discretion. 3. Following suspension or revocation, the Authority may obligate the Licensed Person to settle and conclude all transactions prior to the suspension or revocation and to maintain the guarantee in accordance with its decisions. 4. Following suspension or revocation, the Authority may designate an entity to undertake the functions of the Licensed Person whose license, approval, or registration has been suspended or revoked, according to the nature of the activity and in accordance with the terms and requirements deemed appropriate. 5. The Authority may suspend or revoke accreditation of one or more functions of the Approved Person, or restrict performance thereof to certain functions, in the cases specified in Clause (1) of this Article, as the case may be.
Interpretation and application must be checked against the official text and current version.