Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/48

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Part 5—Division 2 Section 31 (7) An imposition of any condition under subsection (5) takes effect at the time the notice under subsection (6) is received by the licensee, or at the time specified in the notice under subsection (6), whichever is the later.

(8) If the Commissioner refuses to grant a licence under this section, the Commissioner must inform the applicant by notice in writing.

(9) A notice under subsection (6) or (8) must include—
 * (a) a statement of the reasons for the decision; and
 * (b) a statement that the licensee or applicant, as the case requires, may apply to the Review Tribunal for a review of the decision.

(10) Subject to section 34, a licence granted under this section is valid for 2 years or, if the Commissioner considers it appropriate in any particular case, any other period determined by the Commissioner, beginning on the date on which it is granted.

31. Renewal of licence

(1) A licensee may apply to the Commissioner for a renewal of the licensee’s licence.

(2) An application for the renewal of a licence—
 * (a) must be made not later than 45 days before the licence is due to expire;
 * (b) must be made to the Commissioner in the form and manner specified by the Commissioner; and
 * (c) must be accompanied by the fee specified in Schedule 3.

(3) The Commissioner may, on an application under subsection (2), renew the licence.