Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

92.

Renewal of authorisation.

92.— (1) The Minister may renew an authorisation on the application of the holder of the authorisation unless the authorisation has been revoked under this Chapter.

(2) Sections 88 to 90 apply, with any necessary modifications, in relation to an application for the renewal of an authorisation.

(3) An application for the renewal of an authorisation shall be made not less than 10 weeks before the end of the period for which it was granted.

(4) In addition to the grounds specified in section 89 (as applied by subsection (2)), the Minister may refuse to grant a renewed authorisation on the grounds that the application for renewal has been made less than 10 weeks before the end of the period for which the authorisation was granted.

(5) If an application for the renewal of an authorisation is made within the time provided for in subsection (3) and is not determined by the Minister before the end of the period for which the authorisation was granted, the authorisation remains in force until the date on which the application is determined.

(6) A renewed authorisation comes into force on—

( a) in a case where subsection (5) applies, the date on which the application is determined, or

( b) in any other case, the day immediately following the end of the period for which the authorisation that it renews was granted or last renewed, as the case may be.

(7) A renewed authorisation, unless sooner revoked under this Chapter, remains in force for a period of 3 years from the date on which it comes into force under subsection (6) .

(8) Subsections (6) and (7) have effect whether or not an appeal against any conditions of the authorisation is made under section 100 .

Annotations:

Editorial Notes:

E40

Fee prescribed in respect of application for renewal of authorisation made under section (15.07.2010) by Trust or Company Service Provider (Authorisation) (Fees) Regulations 2010 (S.I. No. 348 of 2010), in effect as per reg. 1(2).