1. The Authority shall determine the duration of the license, approval, registration, or accreditation prescribed for the exercise of the Financial Activity or any associated tasks or Functions. 2. The Licensed or Approved Person shall be obliged to renew the license, approval, registration, or accreditation in accordance with the mechanism prescribed by the Authority. The Authority may approve such renewal, restrict such renewal with conditions, or reject the renewal in the event of failure to meet any condition of the license, approval, registration, or accreditation, or any breach of the obligations relating to the exercise of the Financial Activity or the approved function. 3. No Financial Activity or approved function shall be exercised unless the license, approval, registration, or accreditation thereof is valid and in force.
Interpretation and application must be checked against the official text and current version.