RulesGoverningIssuanceAccreditationCertificatesControllersProcessers

Revocation or Cancellation of Accreditation Certificates 1. The Licensee shall revoke the accreditation certificate in any of the following circumstances: A. Failure of the entity holding the accreditation certificate to comply with the requirements set forth in Articles (3) and (4) of these Rules, the provisions of the Law and the Regulations, or any instructions issued by the Competent Authority regarding the accreditation certificate. B. If the entity holding the accreditation certificate provides false information to the Licensee, or fails to disclose information it is obligated to provide for the purpose of obtaining the accreditation certificate, or after obtaining it. C. The Competent Authority may direct the Licensee to revoke the accreditation certificate if it is determined that the entity holding the accreditation certificate has violated any of the provisions set forth in Subparagraph (a) of Paragraph (1) of this Article. D. The Licensee shall notify the entity whose accreditation certificate has been revoked of the reasons for the revocation. The entity may, within thirty (30) business days from the date of revocation, either object to the Licensee’s decision or rectify its status and submit evidence thereof, provided the revocation was made in accordance with Subparagraph (a) of Paragraph (1) of this Article. E. The entity whose accreditation certificate has been revoked shall immediately cease its use and shall implement a plan to address all consequences arising therefrom. 2. Accreditation certificates issued to any entity under these Rules shall be deemed void in the following circumstances: A. Transformation of the legal entity into another legal form. B. The dissolution of the legal entity of the Licensee, in accordance with the relevant regulations. C. The transformation, merger, or division of the entity to which the accreditation certificate was issued, in accordance with the provisions of the Companies Law. Chapter Five: General Provisions