S.L. 370.43 Art. 9Power of competent authority to cancel or suspend a licence.

Without prejudice to article 7 of the Act, the competent authority may at any time cancel or suspend a licence issued to a third-

country firm where such a firm:

(a) does not make use of the licence within 12 months;

(b) expressly renounces the licence or has provided no investment services or performed no investment activity for the preceding six months;

(c) has obtained the licence by making false statements or by any other irregular means;

(d) no longer meets the conditions under which licensing was granted;

(e) has seriously and systematically infringed the provisions adopted pursuant to MiFID governing the operating conditions for investment firms and applicable to third-country firms.