Suspension, revocation and liquidation.

CFR · 2024-01-01 · US · Title 7

(a) AMS may, after an opportunity for a hearing as provided in § 869.8, suspend, revoke or liquidate any license or agreement issued under the Act, for any violation of or failure to comply with any provision of the Act, regulations or any applicable licensing or provider agreement. (b) The reasons for a suspension, revocation or liquidation under this part include, but are not limited to: (1) Failure to perform licensed or authorized services as provided in this part or in the applicable licensing or provider agreement; (2) Failure to maintain minimum financial requirements as provided in the applicable licensing or provider agreement; (3) Failure to submit a proper annual financial statement within the established time period as provided in the applicable licensing or provider agreement. (4) Failure to maintain control of the warehouse or provider system. (5) The warehouse operator or provider requests closure, cancellation or liquidation. and (6) Commission of fraud against AMS, any depositor, EWR or OED holder or user, or any other function or operation under this part. (c) AMS retains USWA's full authority over a warehouse operator or provider for one year after such license revocation or provider agreement termination or until satisfaction of any claims filed against such warehouse operator or provider are resolved, whichever is later. (d) Upon AMS's determination that continued operation of a warehouse by a warehouse operator or an electronic provider system by a provi

official document · source cfr-2024 · id 7:§ 869.6