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Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Part 5—Division 2 Section 32 (11) A renewal granted under this section takes effect—
 * (a) on the day following the expiration of the licence; or
 * (b) if subsection (10) applies, on the day following the day on which the licence would have expired but for that subsection.

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

32. Amendment of conditions in licence

(1) The Commissioner may, in relation to a licence, amend or remove any condition of the licence previously imposed on the licensee, or impose any new condition on the licensee, if the Commissioner is satisfied that it is reasonable to do so in the circumstances.

(2) If the Commissioner amends or removes any condition or imposes any new condition in respect of a licence, the Commissioner must inform the licensee by notice in writing.

(3) A notice under subsection (2) 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.

(4) An amendment, removal or imposition of any condition under this section takes effect at the time the notice under subsection (2) is received by the licensee, or at the time specified in the notice under subsection (2), whichever is the later.