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Article 59 Of Chapter 4
Section: Clearing Agency

The Authority may, by a written notice, cancel the Clearing Agency’s license according to the provisions of this Law, as of the date specified in the Authority’s resolution in the following cases :

1 - If the Clearing Agency lacks one of the conditions by which it was qualified to obtain a license.

2 - If the Clearing Agency ceased to undertake the duties, which the Clearing Agency is assigned to or licensed for management thereof.

3 - Liquidation of the Clearing Agency.

4 - Failure to fulfill any obligation required under this Law.

5 - Failure to provide the information requested by the Authority or providing incorrect or misleading information.

6 - When the Clearing Agency makes any amendments to its objectives in its Memorandum or Articles of Association without obtaining prior approval from the Authority.

7 - If the Agency requested cancellation of its license. The Authority shall publish the resolution of license cancellation and reasons thereof in the Official Gazette.

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