| 1. |
VARA may revoke or suspend a Licence [in relation to all or certain VA Activities], if a VASP does not—
|
| |
a. |
carry out all or some of the VA Activities authorised under the Licence for an extended period; and |
| |
b. |
notify VARA of its plan to reinstate or carry out relevant VA Activities.
|
| 2. |
In the event that a VASP intends to cease to carry out any VA Activities authorised under the Licence, it shall notify VARA and request a revocation of either—
|
| |
a. |
in the event that all VA Activities authorised under a Licence are to be ceased, the Licence; or |
| |
b. |
in the event that only some of the VA Activities authorised under a Licence are to be ceased, the VA Activities to be ceased.
|
| 3. |
VASPs shall notify VARA as soon as reasonably practicable and in any event not later than thirty [30] Working Days before such intended cessation.
|