Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/53

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Part 5—Division 2 Section 35 (4) If the Commissioner exercises a power under subsection (1) in respect of a licence, the Commissioner must inform the licensee of the decision by notice in writing.

(5) A notice under subsection (4) must include—
 * (a) a statement of the reasons for the decision;
 * (b) for a decision to suspend a licence, the duration and terms of the suspension;
 * (c) for a decision to revoke a licence, the time within which the licence is to be surrendered to the Commissioner; and
 * (d) a statement that the licensee may apply to the Review Tribunal for a review of the decision.

(6) A revocation or suspension of a licence under this section takes effect at the time specified in the notice under subsection (4).

(7) If a licence is revoked or suspended under this section, no licence fee paid in respect of the grant or renewal of the licence is to be refunded.

(8) If a person whose licence is revoked does not surrender the licence to the Commissioner within the time specified in the notice given to the person under subsection (4), the person commits an offence and is liable on conviction to a fine at level 5.

35. Commissioner’s approval required in respect of persons proposing to become licensee’s directors

(1) In relation to a licensee that is a corporation, a person must not become a director of the corporation unless the Commissioner has, on an application of the licensee, given his or her approval in writing.

(2) An application for the approval of the Commissioner under this section—