Cap. 345 Art. 8Revocation of an authorisation.

(1) An authorisation may be revoked by an order made by the competent authority at the request, or with the consent of the regulated market concerned or otherwise as provided in this Act.

(2) If it appears to the competent authority that a regulated market -

(a) is failing, or has failed, to satisfy the requirements for authorisation under this Act, or

(b) is failing or has failed, to comply with any other obligation imposed on it by or under this Act, or

(c) does not make use of the authorisation within twelve months, expressly renounces the authorisation or has not operated for the preceding six months, or

(d) has obtained the authorisation by making false statements or by any other irregular means, or

(e) no longer meets the conditions under which authorisation was granted, or

(f) has seriously and systematically infringed the provisions adopted pursuant to MiFID or MiFIR, it may make an order revoking the authorisation order for that body even though the body does not wish or does not consent to the revocation of the authorisation.

(3) An order under sub-articles (1) and (2) revoking an authorisation hereinafter referred to as a ''revocation order'' shall specify the date on which it is to take effect.

(4) A revocation order may contain such transitional provisions as the competent authority deems necessary or expedient.

(5) The competent authority shall notify ESMA of any revocation order.