36A.—(1) The Bank may revoke an authorisation on being satisfied on reasonable grounds that—

(a) the holder of the authorisation has not begun to carry on a regulated business within 12 months after the date on which the authorisation was granted, or

(b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months, or

(c) the authorisation was obtained by means of a false or misleading representation, or

(d) the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply with a provision of this Part F106[or any other designated enactment or designated statutory instrument], a condition of the authorisation or a requirement imposed by or under this Part F106[or any other designated enactment or designated statutory instrument], or

(e) if the holder of the authorisation is a natural person, the holder is adjudicated bankrupt, or

(f) if the holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890, or

(g) if the holder of the authorisation is a body corporate, the winding-up of the body has commenced, or

(h) the holder of the authorisation is so structured, or business of the holder is so organised, that the holder is no longer capable of being regulated to the satisfaction of the Bank, or

(i) the circumstances under which the authorisation was granted have changed to the extent that an application for authorisation would be refused had the application been made in the changed circumstances, or

(j) the holder of the authorisation suspends payments due to creditors, or is unable to meet any other obligations to creditors of the holder, or

(k) if the holder of the authorisation is a branch or subsidiary of a body corporate that has its head office in another country that is an EEA country, the authority of that other country that performs functions similar to those of the Bank under this Part has terminated the authority of that body to carry on a regulated business in that other country, or

(l) the holder of the authorisation, or officer of that holder, is convicted of—

(i) an offence against this Part or against any other designated enactment or designated statutory instrument, or

(ii) an offence involving fraud, dishonesty, breach of trust, money laundering or financing F107[terrorism, or]

F106[(m) the holder of the authorisation is not, in the opinion of the Bank, a fit and proper person to hold the authorisation, or

(n) any officer or qualifying shareholder of the holder of the authorisation is not, in the opinion of the Bank, a fit and proper person to be such an officer or shareholder, or

(o) it is necessary in the interests of the proper and orderly regulation and supervision of the regulated business concerned.]

(2) If the Bank proposes to revoke an authorisation, it shall serve on the holder of the authorisation a notice in writing informing the holder of the Bank's intention to revoke the authorisation. The notice must—

(a) specify the grounds on which it is proposed to revoke the authorisation, and

(b) inform the holder of the authorisation that the holder may, within 21 days after service of the notice, make written representations to the Bank showing why the authorisation should not be revoked.

(3) Not later than 21 days after a notice is served on the holder of an authorisation in accordance with subsection (2), the holder may make written representations to the Bank showing why the authorisation should not be revoked.

(4) The Bank may revoke the authorisation only after having considered any representations made by the holder of the authorisation in accordance with subsection (3).

(5) As soon as practicable after revoking an authorisation under this section, the Bank shall give written notice of the revocation to the person who was the holder of the authorisation. The notice must include a statement of the reasons for revoking the authorisation.

(6) Revocation of an authorisation under this section takes effect on and from the date of the notice of revocation or, if a later date is specified in the notice, on and from that date, irrespective of whether an appeal against the revocation is made under Part VIIA of the Central Bank Act 1942.]