Regulation 7

Where a licensed trust company ceases to carry on trust business, the licensed trust company shall lodge with the Authority a notice in Form 2 within 14 days from the date of cessation of its trust business, and the Authority may cancel the licensed trust company’s licence.

Where a licensed trust company has not commenced trust business within 6 months (or such longer period as the Authority may allow) of being granted a licence, the licensed trust company shall immediately lodge with the Authority a notice in Form 2, and the Authority may cancel the licensed trust company’s licence.

Where the Authority varies any condition or restriction imposed on a licence granted to a licensed trust company or imposes further conditions or restrictions on such licence, the Authority may cancel the licence and may issue a new licence to the licensed trust company.