156. The grounds referred to in section 155(1)(b) are:

(a) the Bank has reasonable cause to believe that the ICAV no longer complies with section 13;

(b) the ICAV, not being authorised under the UCITS Regulations, has not applied for authorisation under section 18 by the end of the period of 12 months since the date of the coming into operation of a registration order in relation to the ICAV;

(c) the ICAV is being wound up and the Bank has reasonable cause to believe that no liquidator is acting;

(d) the ICAV is being wound up and the Bank has reasonable cause to believe that the affairs of the ICAV are fully wound up and that the returns required to be made by the liquidator have not been made for a period of 6 consecutive months;

(e) there are no persons recorded by the Bank as being current directors of the ICAV.