Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/49

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Part 5—Division 2 Section 31 (4) Section 30(3) and (4) applies to an application for renewal of a licence under this section as it applies to an application for a licence.

(5) On renewing a licence, the Commissioner may amend or remove any condition of the licence previously imposed on the licensee, or impose any new condition on the licensee, that the Commissioner thinks fit.

(6) If the Commissioner amends or removes any condition or imposes any new condition, the Commissioner must, at the time the licence is renewed, inform the licensee by notice in writing.

(7) An amendment, removal or 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 renew a licence under this section, the Commissioner must inform the licensee 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 may apply to the Review Tribunal for a review of the decision.

(10) A licence in respect of which an application for renewal is made under this section and which expires before the determination of the application by the Commissioner remains in force—
 * (a) until the licence is renewed; or
 * (b) if the renewal is refused, until the Commissioner’s decision to refuse to renew the licence takes effect, unless the application is withdrawn or the licence is revoked or suspended under section 34.